Download Form 26AS through TRACES

What is Form 26AS?

 

Form 26AS is an official statement document that mentions all the tax-related transactions linked with a PAN Card. It also provides information on advance tax and self-assessment tax payments, along with details of any high-value transactions. You can easily download Form 26AS from the TRACES website. ^¹

Form 26AS can also be viewed when you wish to know if the TDS deducted from your account was deposited to the income tax department or not. ^¹ The form contains transactions like TDS (Tax Deducted at Source) and/ or TCS (Tax Collected at Source).

The updated form now also contains details of mutual fund purchases, foreign remittances, refund details, dividends, etc. ^¹

 

What does Form 26AS contain?

 

Form 26AS majorly contains tax-related transaction details of a PAN Card. The following details are usually in the Form 26AS: ^¹

• TDS (Tax Deducted at Source) transaction details

• Details of TCS (Tax Collected at Source) transactions

• Any advance tax that is paid

• Tax payment by self-assessment

• Regular assessment tax paid

• All the details of the refund received from the income tax on the PAN Card in a financial year

• Any major transaction like shares purchase or sale, mutual fund transactions, etc.

• Tax deducted on sale of any immovable property

• TDS defaults in the financial year

• Details of turnover as mentioned in GSTR-3B

• Any specified financial transaction

• Completed and pending proceedings of Income tax.

 

Structure of Form 26AS: 2022-2023 onwards

 

As discussed above, the form now also contains details of mutual funds, dividends, foreign remittances, etc. Here is a glance at the different structures in Form 26AS: ^¹

• Part I

  Transaction information of Tax Deducted at Source (TDS) on business, interest income, salary, profession, etc. ^¹

• Part II

  
  

  Transaction description of Tax Deducted at Source (15G/15H). This is usually for senior citizens who have income less than the exemption limit. ^¹

• Part III

  This part has transaction details under Proviso to the IT section 194B/First Proviso to its sub-section (1) of the IT section 194R/ Proviso to its sub-section(1) of IT section 194S. ^¹

  It also collects details of TDS on payments done in kind like lottery prizes, etc.

• Part IV

  TDS details under Sections 194IA/ 194IB / 194M/ 194S (Property's landlord/Seller/Professionals/Contractors/ Seller of Virtual Digital Asset). ^¹

  TDS is deducted if the house rent exceeds ₹50,000 per month, payment is made to a professional or contractor above ₹50 lakhs, and virtual digital assets. Virtual digital assets transactions attract 1% TDS, and for those without a PAN card, TDS is 20%²

• Part V

  Part V has transaction details under Proviso to sub-section(1) of the IT section 194S as per the Form-26QE Virtual Digital Asset seller) ^¹

• Part VI

  Any TCS transaction details under Section 206C^¹

• Part VII

  Part VII has details of refunds^¹

• Part VIII

  This part has TDS details applicable under Section 194IA/ 194IB /194M/194S (Concerned with the buyer of a property, tenant, payments made to contractors/professionals, or buyers of virtual digital assets ) ^¹

• Part IX

  This part has transaction/demand payment details under Proviso to sub-section(1) of section 194S as per Form 26QE^¹

• Part X

  Default payments for TDS/TCS^¹

 

Steps to download Form 26AS

 

Taxpayers can access Form 26AS to view or download it either through the TRACES platform. To download Form 26AS, you need to follow the following steps^¹:

 

1. Step 1

   Visit the official e filling website.

2. Step 2

   Enter log in details, enter the user id which is usually the PAN or Aadhaar number. Enter the password and continue.

3. Step 3

   On the screen, click on e-file and then choose the option ‘Income Tax Returns’.

4. Step 4

   Here, click on the drop-down menu and choose ‘Form 26AS’.

5. Step 5

   Now, click on “Confirm,” after which you will be redirected to the TRACES website.

6. Step 6

   On the TRACES website, click “Proceed” on the box that appears.

7. Step 7

   Scroll to the end of the page and click on the ‘View Tax Credit (Form 26AS)’. It will show you your Form 26AS.

8. Step 8

   Next, enter the year of assessment you want Form 26AS for and the format. To download it, choose pdf format.

9. Step 9

   Submit the verification code and click on the ‘View/Download’ option.

Once downloaded, Form 26AS can be viewed or you can print it for further requirements.

 

Conclusion

 

Form 26AS is an essential document for a taxpayer. Whether you want to check the update of your TDS or TCS payment or you need it for tax filing, Form 26AS plays a crucial role. By following the simple steps, you can easily download or view the Form 26AS associated with your PAN Card.

 

FAQs

 

1. What is Form 26AS?

   Form 26AS is a document that contains details of the tax-related transaction associated with a PAN Card. It contains details of TCS and Tax Deducted at Source payments along with high-value transactions like cryptocurrency, mutual funds, dividends, etc.

2. Can I view Form 26AS through net banking?

   Yes, several banks allow you to view Form 26AS through their Internet banking facility. The list of these banks is: ^¹

   • Citibank N.A.

   • The Saraswat Co-operative Bank Limited

   • State Bank of Patiala

   • UCO Bank

   • Bank of India

   • Axis Bank Limited

   • Oriental Bank of Commerce

   • IDBI Bank Limited

   • Indian Overseas Bank

   • State Bank of Travancore

   • City Union Bank Limited

   • Corporation Bank

   • Karnataka Bank

   • The Federal Bank Limited

   • Union Bank of India

   • State Bank of India

   • Kotak Mahindra Bank Limited

   • Bank of Baroda

   • Indian Bank

   • ICICI Bank Limited

   • Bank of Maharashtra

   • State Bank of Mysore

References:

1. https://cleartax.in/s/view-form-26as-tax-credit-statement
2. https://economictimes.indiatimes.com/wealth/tax/how-tds-on-crypto-virtual-digital-assets-will-work-from-july-1-2022/articleshow/92409625.cms