Your guide to Form 26AS

Are you familiar with the significant financial document called Form 26AS? 

Despite its unassuming appearance, this form contains information about your tax-related transactions. 

Understanding its details can profoundly influence your financial planning and adherence to tax regulations.

This guide will explain Form 26AS step-by-step filing, covering its different parts, how to view and submit it, and why it’s important for managing your finances.

What is Form 26AS?

See the official website for Form 26AS.

Form 26AS is a comprehensive tax document from India that summarizes important tax-related information associated with an individual’s permanent account number (PAN). 

It includes details regarding tax deductions, credits, income sources, and tax payments made by the individual. 

Parts of Form 26AS

Form 26AS consists of several sections, such as:

Part A: Tax deducted at the source

Part A of Form 26AS encompasses information about deducted taxes from various sources like salary, interest, pension, and prizes.

The data involves the tax deduction account number (TAN) and the amount withheld and remitted to the government.

All information is updated every quarter.

• Part A1: Information about tax deducted at source for Form 15G/15H
• Part A2: Information about tax deducted at source on the sale of immovable property (for the seller)

Part B: Tax collected at the source

Part B of Form 26AS displays the tax collected at source (TCS) by the seller of goods. It includes entries that showcase details of sellers who have collected tax from you.

Part C: Tax deposits other than TDS and TCS

This part holds information about any tax deposits made by you directly. It comprises details of advance tax and self-assessment tax payments. 

Part D: Information regarding refunds issued

This part contains details about any refunds you’re entitled to receive. It entails the assessment year for which the refund is applicable.

Part E: Information about specified financial transactions (SFT)

Part E of Form 26AS details information about specified financial transactions, such as: 

• High-value purchases of mutual funds
• Corporate bonds
• Real estate
• Similar transactions

Banks and financial institutions must report these transactions to tax authorities to ensure compliance.

Part F: Tax deducted from selling property under section 194IA (for the buyer)

This part specifics the tax deducted at source (TDS) for the buyer’s purchase of selling property. 

It also consists of TDS on rent paid by tenants.

Part G: TDS defaults (Processing of Defaults)

This part exhibits TDS defaults identified after processing TDS returns. However, it doesn’t incorporate any demands raised by the assessing officer.

2 ways to access Form 26AS

You can access/view the tax credit statement (Form 26AS) using two methods:

1. Through the income tax department’s website

First, you must register on the portal https://www.incometax.gov.in/iec/foportal/.

Access Form 26AS by logging in with your username and password. 

Click ‘View Form 26AS (Tax Credit)’ within the “Income Tax Returns” under the e-file option. 

Then, you must provide details such as the assessment year and view type to access the same.

2. View tax credits from the bank 

PAN holders with a net banking account at any authorized bank can access this facility.

Here is a list of banks registered to provide access to view Form 26AS:

1. Axis Bank
2. Bank of Baroda
3. Bank of India
4. Bank of Maharashtra
5. Canara Bank
6. Citibank N.A.
7. City Union Bank Ltd.
8. ICICI Bank Ltd.
9. IDBI Bank Ltd.
10. Indian Overseas Bank
11. Indian Bank
12. Jammu & Kashmir Bank Ltd.
13. Karnataka Bank Ltd.
14. Kotak Mahindra Bank Ltd.
15. Punjab and Sind Bank
16. State Bank of India
17. The Federal Bank Ltd.
18. The Karur Vysya Bank Ltd.
19. The Saraswat Co-operative Bank Ltd.
20. UCO Bank
21. Union Bank of India
22. HDFC Bank Limited
23. Central Bank of India
24. Punjab National Bank
25. IndusInd Bank
26. YES Bank Limited.
27. Equitas Small Finance Bank

How to file Form 26AS

Here’s a step-by-step guide on how to file Form 26AS:

1. Verify your details

Ensure that all the information in your Form 26AS is accurate. It includes personal details, tax deductions, credits, and other financial transactions.

2. Cross-check with your records

Compare the data in the form with your financial records. This step helps identify any discrepancies or inconsistencies that might need correction.

3. Rectify discrepancies

If you find any errors or discrepancies between your records and Form 26AS, take the necessary steps to rectify them. 

You should contact the relevant authorities or update the information through the designated process provided by the income tax department.

4. Use information while filing returns

Utilize the information from Form 26AS when you file your income tax returns. Verify that the data reported in your tax return aligns with the details mentioned. 

Accurate reporting based on this form helps in the smooth processing of your tax filings.

Things to verify in Form 26AS

Here are the important information to verify in Form 26AS:

1. Tax credits

Confirm the tax credits listed in Form 26AS. Ensure that the tax deducted at source (TDS) and tax collected at source (TCS) credits align with the amounts in your records. 

These credits affect your overall tax obligation.

2. Income details

Check the income information listed in the form. Confirm that all your income sources, like salary, interest, and dividends are accurately documented.

Any missing income sources should be added to avoid under-reporting.

3. Tax deducted and deposited

Review the tax deductions taken by different entities for you. Check if the deducted TDS amounts align with your income and cross-reference with your records for accuracy.

4. Advance tax and self-assessment payments

Double-check the advance tax and self-assessment tax payments you made in the year. 

Make sure they show up correctly in Form 26AS, as they affect how much tax you owe and any potential refunds.

Why Form 26AS is important for managing your finances

Form 26AS is crucial for managing finances because it comprehensively records your tax-related transactions. 

It’s a consolidated statement that includes details of tax deducted, tax collected, advance tax paid, and any refunds during a financial year.

Regularly monitoring and reviewing your Form 26AS can help maintain accurate financial records, ensure compliance with tax regulations, and optimize your tax liabilities.