What is Form 26AS?

  • Blog|Income Tax|
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  • By Taxmann
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  • Last Updated on 24 December, 2024

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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.
 
 
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