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Income Tax efiling in India for FY 2023-24 (AY 2024-25)

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Form 26AS - What is Form 26AS, Parts & Online Submission

What is Form 26AS?

Form 26AS is an annual income tax statement that contains the details pertaining to the tax deducted at source (TDS), and information related to the tax collected by your collectors during the financial year. Form 26AS is a statement that shows various mentioned details for necessary income tax filing. Below are various details that form 26AS contains- Details pertaining to the TDS deducted from your salary by your employer. Information about the taxes collected by the collectors. Information pertaining to the advance tax payments made to the income tax authorities. Information for the self-assessment tax payments. Details of high-value transactions pertaining to the shares, mutual funds, return on investments, etc. Regular assessment of tax paid by taxpayers. Details of all income tax refunds received in the financial year.

What is The Importance of Form 26AS?

You can check if the tax has been deducted & collected carefully and deposited in the account of the government in the prescribed time. The form contains all the details of the tax deducted and collected on your behalf. Moreover, It becomes feasible for you to know whether the deductor filled the TDS statement correctly or the collector has filled the details of Tax Collected at Source (TCS) accurately. You can rectify the calculation of income tax return & tax credits and before filing your ITR.

How To Download Form 26AS?

To download form 26AS, you must visit the TRACES website and log in with your credentials information. It is also feasible to download form 26AS from the net banking facility of the banks mentioned below. Below is a step-by-step guide for downloading Form 26AS using your income tax department account: Visit the official e-filing website Click on the 'Login' button. Then enter the User ID & password. However, you will also be required to enter your Aadhaar & PAN number to complete the login process. Make sure you have completed the registration process before logging in. After entering the User ID, click on 'Continue' & choose 'e-file'. After this, you must click on 'Income Tax Returns'. Then, click on 'View Form 26AS' and click on the 'Confirm' option. On the next page, click on 'Proceed'. Then, click on the option of 'View Tax Credit (Form 26AS)'. Then choose the 'View Type' and 'Assessment Year' along with the preferred format. Click on the 'View/ Download' to complete the process.

How To View Form 26AS?

You can view Form 26AS from the TRACES website and download it (see the above steps on how to download Form 26AS). Now you can also view Form 26AS with the facility of the net banking of your bank account & this facility is free of cost. The facility to view Form 26AS is available to a PAN holder having a net banking account with any authorized bank. You can only view your Form 26AS if your PAN number is linked to that specific account.

Following is a list including the banks registered with NSDL that enable users to view form 26AS

Bank of India Axis Bank Limited Bank of Baroda Bank of Maharashtra Citibank N.A. Kotak Mahindra Bank Limited Indian Overseas Bank IDBI Bank Limited ICICI Bank Limited City Bank Limited Corporation Bank Indian Bank State Bank of India Karnataka Bank Orienntal Bank of India Union Bank of India UCO Bank The Federal Bank Limited The Saraswat Co-operative Bank Limited State Bank of Patiala State Bank of Travancore State Bank of Mysore

Different Parts of Form 26AS

There are various parts of Form 26AS such as Part A, Part B, Part C, Part D, Part E, Part F, and Part G. We have mentioned all the 7 parts below- Part A: This part contains details related to the TDS (tax deducted at the source) on your salary, interest income, pension income, prize winnings income, etc. part A also contains the Tax Deduction and Collection Account Number (TAN) of deductor along with the number of TDS that was subtracted and deposited. Part A1: This part of Form 26AS includes the details pertaining to TDS for Form 15G/Form 15H. Part A1 contains details pertaining to your income where TDS has not been deducted during the submission of Form 15G/Form 15H. You can also verify the status of the TDS deduction in case you have submitted the previously mentioned form. In case you have not provided Form 25G/Form 15H then 'No transactions present' will be displayed in this section. Part B: This part contains the Information pertaining to the tax collected at the source by the seller. This part must be filed only when you are a seller who has collected tax at the sources. Part C: This part contains details pertaining to the tax paid except TDS and TCS. If you have done any tax deposits by yourself then the details pertaining to the same will be displayed in Part C. Form 26AS will also present the details related to self-assessment tax and advance tax along with the challan used to deposit tax. Part D: Part D contains details pertinent to the paid refund if there are any. This part also contains information related to the assessment year that is pertaining to the refund, the mode of payment, the amount, as well as the interest paid along with the date on the payment, was made. Part E: This part of Form 26AS contains the details related to high-value transactions. Part E of Form 26AS includes the details of purchases such as purchases of high-value corporate bonds, high-value mutual funds, property purchases, etc. The tax authorities demand to banks & financial institutions to let them know about high-value transactions. Part F: part F includes the details pertinent to tax deduced at the source (TDS) on the sale of immovable property when you purchase any property. Part G: This part of form 26AS contains the details pertinent to TDS defaults processing of statements. Part H: Part H of form 26AS contains details pertaining to the turnover according to GSTR-3B.

What’s in the New Form 26AS?

The new form 26AS includes tax refunds and demands, completed and pending assessment proceedings, specific financial transactions, etc. The income tax authorities released an Annual Information Statement for organizing the new components like ITR details of the party, off-market transactions, foreign remittances, interests received from income tax returns, salary break-up details, etc. According to the (AIS) annual information statement, the new Form is divided into 2 Parts, Part A & Part B. Let’s have a glimpse of the components of the new Form 26AS- Part A Part-A of the new Form 26AS contains some basic details like the taxpayer's name, PAN, mobile number, Aadhaar number, email address, etc. Part B Part-B contains the details pertaining to the type of transactions as mentioned below: Details pertaining to the tax deducted or collected at source. Details pertaining to the demand and refund. Details pertaining to the completed proceedings. Details pertaining to the pending proceedings. Details pertaining to the specified financial transaction. Details pertaining to the payment of taxes.

Online Process for Submitting Form 26A/27BA

The complete process for the submission of your Form 26A/27BA online is expressed below: First of all step is to visit the TRACES website. Go to the ‘Statement/Payments’ tab where you can see ‘Request for 26A/27BA’ and click on this. The guidelines for the form submission will be displayed on the screen. Read all of them carefully and click on ‘Proceed’. Choose the relevant financial year, form type, and transaction type, and then click on ‘Proceed’. You will get a request number for the form. ‘Go to Track Request for 26A/27BA’. You can see now the requests you have made. There will be an option to upload the file if you have raised a request for Non-Deduction/Collection. Then click on the ‘Download’ option which you can find under the ‘Requested Download’ tab. Click on proceed to download the form. After proceeding with the previous step, you need to confirm the verification code and click on the ‘Submit’ button. All of the files will be downloaded in the form of WinZip. You have to extract the files and add relevant details. Select the ‘Upload Files’ option visible under ‘Status’ & enter the verification code. After the ‘Upload’ process, enter your DSC and I-PIN to finish the verification process. After the completion of the verification process, you will get a confirmation text message from TRACES. Go back to the ‘Go to Track Request for 26A/27BA’. The status of the form will be displayed as ‘Submitted’ there. After successful validation, a request will be sent for ‘E-filing’.

Frequently asked questions

Form 26AS is updated when the filed tax deducted at the source is processed by the income tax department.

You can check whether the tax has been deducted & collected and deposited in the government’s bank account on your behalf. However, you can also utilize form 26AS to compare with form 16 which you obtain from your employer.

Yes. You can modify your incorrect details in form 26AS. For that, you will be required to furnish an application form through the “Request for the new PAN card/changes/correction in PAN information” from the official website of TRACES.

The password for accessing Form 26AS is the date of birth of the taxpayer. For example, if the DOB is 07/10/2002, then the password will be 07102002.

The date of booking is the date after the TDS return is filed which means the TDS return is processed & amount is booked in Form 26AS.

If you want to view the form 26AS without logging in to the website then you can use the net banking facility of any authorized bank in which your account is maintained.

Yes. Even if you do not have form 16 or other TDS certificates, still you can file your income tax return with form 26AS.

Krishna Gopal Varshney

Krishna Gopal Varshney co-founder & CEO of Myitronline is amongst the top emerging startups of Asia and authorized ERI by the Income Tax Department. A dedicated and tireless Expert Service Provider for the clients seeking tax filing assistance and all other essential requirements associated with Business/Professional establishment. Connect to us and let us give the Best Support to make you a Success. ”

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