26AS - most important Document for ITR filing, 10 Parts of Form 26AS, 3 ways to download 26AS before filing ITR

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Form 26AS is a consolidated statement that provides a comprehensive view of the tax-related information linked to a taxpayer’s Permanent Account Number (PAN). It includes details of tax deducted at source (TDS), tax collected at source (TCS), advance tax paid, self-assessment tax payments, and regular assessment tax payments. Essentially, Form 26AS serves as a ready reckoner for taxpayers to verify the taxes paid and reconcile them with their own records.

Significance of Form 26AS

Form 26AS holds immense significance for taxpayers due to the following reasons:

Verification of Tax Credits: It enables taxpayers to verify whether the tax deducted by their employers or other deductors has been correctly credited to their PAN. Discrepancies in Form 26AS can alert taxpayers to potential errors or discrepancies in tax deductions.
Filing Income Tax Returns (ITR): Form 26AS is an essential document during the process of filing income tax returns. Taxpayers are required to reconcile the tax credits reflected in Form 26AS with their own records and accurately report their income and taxes paid in their ITR.
Detection of Errors or Fraud: By regularly reviewing Form 26AS, taxpayers can detect any errors or discrepancies in tax credits, which may indicate potential cases of tax evasion or fraud. Timely detection allows taxpayers to rectify such issues with the tax authorities.

Income Tax Department facilitates a PAN holder to view its Tax Credit Statement (Form 26AS/Annual Tax Statement) online.Tax Credit Statement (Form 26AS/Annual Tax Statement) is generated when valid PAN is reported in the TDS/TCS statements.

Form 26AS/Annual Tax Statement can be viewed / accessed in three ways:

On TRACES

Tax Payers can register on TRACES and login to their account to view Form 26AS/Annual Tax Statement from assessment year 2009-10 onwards. Registration on TRACES is free of cost. Click here to know more on how to register on TRACES.

From Income Tax e-filing website

visit – https://www.incometax.gov.in

Tax Payers registered on the e-filing portal can login and view Form 26AS/Annual Tax

Statement by selecting Income Tax Returns under e-File tab. The facility is available free of cost.

From banking website through net banking facility

This facility is available to a PAN holder having net banking account with any of authorised banks. View of Form 26AS/Annual Tax Statement is available only if the PAN is mapped to that particular account. The facility is available free of cost. Login to your bank’s internet banking website and click on the option provided to view Form 26AS/Annual Tax Statement. If you are unable to view this option or unable to view Form 26AS/Annual Tax Statement, please connect with your bank to check if your PAN has been mapped correctly to your banking account.

List of banks registered with TRACES for providing view of Tax Credit Statement (Form 26AS/Annual Tax Statement)

Form 26AS/Annual Tax Statement contains 10 Parts:

PART-I – Details of Tax Deducted at Source

TDS on salary, business, profession, interest income etc., shall be reported here

PART-II-Details of Tax Deducted at Source for 15G / 15H

Income on which no TDS deducted because of Form 15G/15H submitted by the Taxpayers, due to income less than the basic exemption limit.

PART-III-Details of Transactions under Proviso to section 194B/First Proviso to sub-section (1) of section 194R/ Proviso to sub-section(1) of section 194S

194B: Winning from Lottery in Kind,

194R: Tax on benefit or perquisite in kind

194S: Transfer of VDA in Kind

PART-IV -Details of Tax Deducted at Source u/s 194IA/ 194IB / 194M/ 194S (For Seller/Landlord of Property/Contractors or Professionals/ Seller of Virtual Digital Asset)

TDS made on sale of house property/rent payment in excess of Rs. 50,000 per month, payment to a contractor/professional services in excess of Rs.50 lakhs/sale of virtual digital asset (cryptocurrency)

PART-V-Details of Transactions under Proviso to sub-section(1) of section 194S as per Form

26QE (For Seller of Virtual Digital Asset)

PART-VI-Details of Tax Collected at Source

PART-VII – Details of Paid Refund (For which source is CPC TDS. For other details refer AIS at E-filing portal)

PART-VIII-Details of Tax Deducted at Source u/s 194IA/ 194IB /194M/194S (For Buyer/Tenant of Property /Person making payment to contractors or Professionals / Buyer of Virtual Digital Asset)

These details consist of the TDS made deducted and deposited by you in relation to the purchase of house property/rent payment in excess of Rs. 50,000 per month, payment to a contractor/professional services in excess of Rs.50 lakhs/purchase of virtual digital asset (cryptocurrency).