It is a consolidated tax credit statement issued to a taxpayer and shows the Income tax that has been deposited with the government with respect to the taxpayer and Form 26AS is required to be issued Under Section 203AA of the Income-tax Act, 1961.
Form 26AS Contains all the details of the taxes paid and deposited with the Income Tax Department.
Parts of Form 26AS
- Part A: Details of Tax Deducted at Source
- Part A1: Details of Tax Deducted at Source for Form 15G 15H
- Part A2: Details of Tax Deducted at Source(TDS) on sale of Immovable Property u/s194(IA)
- Part B: Details of TCS
- Part C: Other tax payments made by the taxpayer like Advance Tax, Self-Assessment Tax etc.
- Part D: Tax Refunds
- Part E: Details of Annual Information Report
- Part F: Tax Deducted on sale of immovable property
- Part G: TDS Defaults* (processing of defaults)
Benefit of Form 26AS
All the details uploaded on the form help an individual to check your tax liabilities and rectify any error before it is too late.”
So, if there is any error in the amount of advance tax, you can approach the bank for necessary changes well ahead in time. It may save you from paying a penalty of one percent monthly interest on the outstanding amount.
However, one needs to remember that in a case of any discrepancy in the receipt numbers of the advance tax paid by the individual, the one mentioned on the From 26 AS will be considered valid by the authorities.
How to Download Form 26AS
Step 1: Go to https://incometaxindiaefiling.gov.in and Login using your income tax department login & password.
Step 2: Enter your PAN number, password, and date of birth/date of incorporation in DD/MM/YYYY format. And enter the captcha code. Now click on Log in.
Step 3: Go to ‘My Account’. Click on ‘View Form 26AS’ in the drop down
Step 4: Click on ‘Confirm’ and after that, you will redirect to the TRACES website.
Step 5: Click on ‘Proceed’ on the TRACES (TDS-CPC) website.
Step 6: ‘Click View Tax Credit (Form 26AS) to view your Form 26AS, the link at the bottom of the page.
Step 7: Select the Assessment Year and the format
Step 8: Enter the ‘Verification Code’ and click on ‘View/Download’
Step 9: To open the document you have to enter a password. The format of the password is your DOB in DDMMYYY format.
For any help on ITR Filing feel free to consult the tax experts at LegalRaasta. You can file ITR yourself via our ITR software or get CA’s help on filing income tax return. You can also use the option of Business Return, Bulk Return or Revised Return Filing.