What is Form 26AS?

  • Blog|Income Tax|
  • 2 Min Read
  • By Taxmann
  • |
  • Last Updated on 18 January, 2022

Recent Posts

News, Blog, International Tax

[World Tax News] UAE Releases Guide on Filing of Corporate Tax Return and More

Other Laws, Blog

Introduction to Information Security | Strategies for Data Protection and Risk Management

Latest from Taxmann

 

During income tax return filing season, you come across two income tax forms very frequently that is Income Tax Form 16 and Form 26AS. Income Tax Form 16 specifies details of your salary income and tax deducted and deposited by your employer whereas Form 26AS gives overall view of tax deducted for your PAN at various sources.

Detailed view of Form 26AS:

Form 26AS gives an overall view of your income tax deducted in a particular financial year at various sources of income like tax deducted on commission income, tax deduction on interest received from Fixed deposits, tax deducted on salary, etc. Form 26AS displays various taxes that are deducted from your income by your employer, bank, or your tenant. It also displays your advance tax or any self-assessment tax that have been paid during financial year during that year. The tax that is collected at source (any form of source like bank, employer etc.). It also contains the details of income tax refunds that you have received from your tax department during financial year. It also has a column showing AIR transactions details. AIR is the Annual Information Return which is filed by your bank in case you have entered into some specified transaction. 

Importance of Form 26AS:

Form 26AS is an important tool that helps you to compare your taxes deducted at various sources and identify if you don’t have any multiple deductions in your account. In case you have a tax deduction and it is not shown under your form 26AS that it is not deposited with the Income Tax department, in such case you can contact your employer or the source which have deducted the tax at source. In most cases, this happens due to wrong PAN number being updated at the source. Also, if your form 26AS is showing different values for TDS deducted that deducted you can request Income Tax Department to recheck your case and do the necessary changes. This also helps you avoid any kind of notice or penalty from Income Tax Department for non-reporting of actual TDS of your incomes.

How to download form 26AS?

Any tax payer can download his form 26AS with a valid PAN number. To do this you need to login at Income Tax Department’s website.
 
There you need to go to your account and select View Form 26AS. On next page, you will get a notice about you being redirected to another website. You can click on continue button and agree to accept the usage of income tax form 16 traces. Then you need to select the year for which you would require your form 26AS and need to download the form to view your tax credit details.
 
You can select view as HTML to see your form 26AS. Form 26AS helps you with verification of any Tax deductions that you need to report in your income tax returns.
 
 
Related Articles:
 

Disclaimer: The content/information published on the website is only for general information of the user and shall not be construed as legal advice. While the Taxmann has exercised reasonable efforts to ensure the veracity of information/content published, Taxmann shall be under no liability in any manner whatsoever for incorrect information, if any.

Comments are closed.

«
»

Everything on Tax and Corporate Laws of India

To subscribe to our weekly newsletter please log in/register on Taxmann.com

Author: Taxmann

Taxmann Publications has a dedicated in-house Research & Editorial Team. This team consists of a team of Chartered Accountants, Company Secretaries, and Lawyers. This team works under the guidance and supervision of editor-in-chief Mr Rakesh Bhargava.

The Research and Editorial Team is responsible for developing reliable and accurate content for the readers. The team follows the six-sigma approach to achieve the benchmark of zero error in its publications and research platforms. The team ensures that the following publication guidelines are thoroughly followed while developing the content:

  • The statutory material is obtained only from the authorized and reliable sources
  • All the latest developments in the judicial and legislative fields are covered
  • Prepare the analytical write-ups on current, controversial, and important issues to help the readers to understand the concept and its implications
  • Every content published by Taxmann is complete, accurate and lucid
  • All evidence-based statements are supported with proper reference to Section, Circular No., Notification No. or citations
  • The golden rules of grammar, style and consistency are thoroughly followed
  • Font and size that's easy to read and remain consistent across all imprint and digital publications are applied