Form 26AS is an annual consolidated tax statement that can be accessed from the income-tax website by all taxpayers using their Permanent Account Number (‘PAN’). If you have paid taxes on your income or tax has been deducted from your income, the Income tax department already has these details in their database.
You could refer to your Form 26AS for the details of your income (on which taxes have been deducted) as well as the taxes that have been paid by or on your behalf by the deductor (could be your employer, bank etc) to the Government treasury.
In addition, Form 26AS also contains details of your deductors such as their names and Tax Deduction Account numbers (TAN). A taxpayer can view the tax credit or the tax that has been deducted on his behalf in the form of TDS. This information is available in Form 26AS and can be downloaded from the Income Tax website. It provides information about the tax deducted by various entities on behalf of the taxpayer.
Various ways to view one’s tax credit:
- Income tax e-filing website
The site can be accessed on incometaxindiaefiling.gov.in. One must have a login id and password, or register on the website. On logging in, one can click on “My Account/View Form 26AS”. On clicking the same, the user will be redirected to the TRACES website. The user will have to select the assessment year for which he wishes to view Form 26AS. The form will be displayed and can be downloaded.
- The TRACES website
Go to http://contents.tdscpc.gov.in/en/home.html and click on the “Tax Payer” tab. Next, click on “register as new user” page and carry out registration process. On successful registration, an activation link and codes will be sent to the registered email id and mobile number. After clicking on the activation link and entering the code, one can login to the TRACES website and access Form 26AS.
- The taxpayer’s Internet banking access
A taxpayer who has Internet banking access with a bank authorized by the Income Tax Department to show tax credit, can use this facility. Log in to Internet banking and click on View Form 26AS. To check if a bank is authorized, one can visit http://contents.tdscpc.gov.in/en/netbanking.html.
Why is Form 26AS essential?
- It facilitates view of all financial transactions involving TDS/ TCS during the relevant Financial Year at one place.
- Your Form 26AS gives you details of no/ low deductions claimed by you.
- It helps you locate any TDS defaults relating to all TANs associated with your PAN.
- You can find any tax demand created by Income Tax Department and thus do proper follow up.
- It helps in seamless processing of Income Tax Return and speedy issue of refunds.
- It helps in verification of CIN (Corporate Identity Number) in non-TDS payments.
- It helps in verification of refunds encashed during the year.
- It helps in claim of other taxes paid by you and computation of income at the time of filing of return.
Points to remember
View of Form 26AS through Internet banking is available only if the PAN is mapped to that particular account. Only a PAN holder whose TDS has been deducted or who has deposited tax (self assessment tax, advance tax, TDS on property) can register on TRACES.