What is Form 26AS 

Those filing must be familiar with the income tax return , Income Tax Form 16 and Form 26AS. Form 26AS gives a holistic view of the tax deduction that is associated with the PAN card. Whereas, Form 16 specifies the details of your salary, income and taxes deducted and deposited by your employer. Let us understand in detail about Form 26AS. Understand Form 26AS Form 26AS is a consolidated statement that keeps a record of all tax related information such as TCS, TDS and refunds, based on the PAN number for each financial year. Form 26AS contains the annual tax statement under Section 203AA, Rule 31AB of the Income Tax Act, 1961. The statement reveals the tax amount received by the government. It includes information about a person's income sources including monthly salary, income from investment, pension, income for professional services, etc. This includes information on tax deducted by the employer on your behalf, banks and other financial institutions in which you have sales / purchases, real estate investments or rent. In addition, Form 26AS also details advance tax or self-assessment tax paid by the individual, refunds by the I-T department, high-value transactions recorded by an individual during the year. Importance of Form 26AS The major objectives to complete Form 26AS are: The form helps to check that the collector has filed TCS or that the deductor has correctly filed TDS details giving details of tax collected or deducted on your behalf. It supports one to check that the tax deducted or the amount collected has been deposited in the government account on time. This helps to verify the calculation of tax credits and income before filing income tax return . Apart from this, Form 26AS also gives details of Akashvani (Annual Information Return), filed by various entities based on what a person has spent or invested on it, Mostly for high value transactions. If the total amount of the deposit A savings account at INR more than 10 million, the bank will send an annual information return. Also, if an amount of more than INR 2 lakh is invested and is spent on a mutual fund or credit card, the same is followed. Ready to Invest? Disclaimer: By submitting this form I authorize Fincash.com to call / SMS / email me about its products and I accept the terms of Privacy Policy and Terms & Conditions.Get Started Where can you see Form 26AS? Form 26AS can be viewed through your net banking account or TRACES-TDS Reconciliation website or by logging into your e-return filing account on the tax department website. How to download Form 26AS Any taxpayer with a valid PAN number can download Form 26AS. To do this, you have to login on the income tax department website. Another easy way to download Form 26AS is to register on the Income Tax Department's TRACES website. You can also get this form 26AS through authorized banks using your net banking facility . However, the tax credit statement (Form 26AS) is only available when the PAN details are mapped to the bank account that is being used to download the form. This facility is available for free. The list of authorized banks providing form is given below: Allahabad Bank ICICI Bank State Bank of Hyderabad Andhra Bank IDBI Bank state Bank of India axis Bank Indian Bank State Bank of Mysore Bank of baroda Indian Overseas Bank State Bank of Patiala Bank of india IndusInd Bank State Bank of Travancore Bank of Maharashtra Karnataka Bank Syndicate bank Canara Bank Mahindra Bank Box Federal Bank Central Bank of India Oriental Bank of Commerce Karur Vysya Bank City Union Bank Punjab National Bank Uco bank Corporation Bank (Retail) Punjab and Sindh Bank Union Bank of India Corporation Bank (Corporate) South Indian Bank Vijaya Bank Dena Bank State Bank of Bikaner and Jaipur Yes Bank HDFC bank - - questions to ask 1. Is there a description of transactions worth higher than 26AS? A: Yes, it contains details of high value transactions. It has recently been introduced as a part of your IT return. The IT return you filed details all high-value transactions that have been made for the financial year you have been given and deducted from the taxpayer. 2. Who files Form 26AS? A: Form 26AS is filed by individuals filing ITR K In other words, it contains a description of the tax paid by the deductor on your behalf, as a result of earned income, interest income, rent earned from real estate, or any other means of income. If you have made a high-value transaction in a particular financial year, it will be displayed in Form 26AS. 3. How can I use Form 26AS? A: The form can be easily viewed by visiting the Income Tax Department of India website. Otherwise, if your bank has the facility of net banking and you have provided your PAN to the bank, then you can also check Form 26AS from your bank's website. 4. What do I need to use Form 26AS? A: The primary requirement to see Form 26AS is your Permanent Account Number or your PAN. 5. In what form do I have to fill income tax details? A: Part C of Form 26AS contains tax details. Here you can access any deposit you already have. You can fill details of tax deducted at source (TDS), advance tax, and self-assessment of tax directly from the form. These are the details about income tax which you can fill as 26AS. 6. What is the TDS details filled in my form? A: Goods sellers generally fill the TDS section of Form 26AS. If you are a consignee, you will have to make entries for the transactions you have collected. 7. Can I file the form online? A: You can check Form 26AS online on the Income Tax Department website by logging into your profile. You can also fill the form directly from your profile. 8. Does Form 26H have anything to do with Form 15H or Form 15G? A: Form 26AS has details for TDS, which is related to Form 15H and 15G. This form will be reflected on Part A1 of 26AS. If you have not submitted Form 15H or 15G, this section will display 'No transactions currently'. 9. Do I have to file Tax Collected at Source (TCS)? A: TCS is filled by the seller. If you are a seller, you must fill in Part B, or if you are a seller, entries will be made here. 10. What is the password to open Form 26AS? A: The password to open Form 26AS is your birthday, filled in DD / MM / YYYY format.