How to Download and View Form 26AS With PAN?

There is prevalent confusion regarding the nature and use of Form 26AS. Many believe that it is an additional form of taxation that individuals need to bear, while in reality, it is a consolidated annual statement containing all tax-related information.

Individuals can easily download and view Form 26AS With PAN launch on the IT e-filing portal.

However, there are some additional pieces of information you must know!

What Is Form 26AS?

In the beginning of 2020, the Income Tax Department revamped Form 26AS to an annual information statement. Now, it contains data regarding specified monetary transactions, tax payments, completed proceedings undertaken by taxpayers, both demand and refund details, including TDS/TCS details.

How to Download Form 26AS Online?

Before filing your ITR, you must go through the statement once to check the tax amount deposited in your account. Now that you know what ITR form 26AS means, let us see the easiest way to access it and obtain the necessary information.

There are two ways you can view 26AS online -

You can use the net banking facility, where your bank account should be linked with your PAN. In this regard, you must check if your bank is registered with NSDL and provide such facilities.
You can also use the Income Tax Department’s e-filing website and view Form 26AS with PAN, date of birth or date of incorporation, etc.

Want to keep a copy of your annual information statement? Follow the procedure mentioned below to download it.

Step 1: Visit the e-filling portal of the Income Tax Department to register yourself and begin the process.

Step 2: Next, enter your user ID (Aadhaar or PAN). Now select the check box given to confirm secure access and enter password.

Step 3: Select ‘e-file’ from the menu. Click on the 'Income Tax Returns' and then the 'View Form 26AS’ option consecutively from the dropdown.

Step 4: Next, a disclaimer will pop up, mentioning that you will be redirected to a third-party website (TRACES portal) which you need to confirm to proceed further. Now, choose the assessment year and format here to complete the process.

In case you want to see it online, choose the HTML format. If you want to download 26AS from TRACES website and go through different parts of your tax credit statement later, leave the format as PDF.

What Are the Different Parts in Form 26AS?

Form 26AS has a total number of 8 parts, from A to H and every one of them deals with a particular tax component. Such as;

Part A: Details of Tax Deducted at Source (TDS)

When you view Form 26AS on the TRACES website, you will find all the information regarding TDS on pension income, salary, interest income, etc. It also shows tax deduction details along with the Collection Account Number (TAN) and how many TDS have been deposited and subtracted.

Part B: Details of Tax Collected at Source (TCS)

This part contains information regarding TCS collected by the seller of certain products that they sold. TCS is basically an income tax that sellers collect from payers or buyers on the sale of specified goods. So, you will find details of tax collectors, the total tax collected, the total amount paid, etc., in this part.

Part C: Details of tax paid other than TCS and TDS

This section contains information regarding TDS and TCS. Plus, individuals can also find the details of advance tax and self-assessment tax paid by the taxpayer in this section.

Part D: Details of paid refund

This part contains details regarding tax refunds (if any) received by taxpayers. Additionally, it also contains information regarding the assessment year for which that particular refund has been made. This includes the amount paid, mode of payment, and date, among other details.

Part E: Details of SFT Transaction

Generally, financial institutions and banks are required to report details of high-value transactions to the income tax authorities. And, in this section, information like the purchase of high-value corporate bonds, properties purchases, mutual funds, etc., are reported.

Part F: Details of tax deducted on sale of immovable property under Section 194IA

This section of Form 26AS includes information related to the TDS you have deducted and deposited while purchasing a property.

Part G: Details of tax defaults

Here, you will find information about tax defaults. Also, you will find details about defaults regarding the processing of statements, late fees under Section 234E, etc. It is advisable to download Form 26AS by PAN no and keep a copy to contact the deductor and ask for clarification if you find any discrepancy.

Part H: Details of Turnover according to GSTR-3B

In this section the turnover of taxpayers is displayed as per the GSTR-3B return.

The above information makes it clear that Form 26AS is an extremely necessary document for every taxpayer. You can check whether the TDS and TCS details are correct. At the same time, you can obtain complete information regarding the date, deduction amount, and so on.

It is essential to view Form 26AS with PAN and verify tax credits and computation of income before filing ITR to avoid discrepancies and inquiries from the IT department.

What Are the Latest Updates on 26AS Tax Credit Statement?

You can find some new changes to Form 26AS filing, introduced by CBDT (Central Board of Direct Taxes). Check them out!

Form 26AS will contain comprehensive information of all kinds of transactions, including the purchase of shares, credit card payments, foreign currency, cash payment of goods and services, etc.
All the taxpayers’ mobile no., Aadhaar no., Email ID, etc., can be found now when you view Form 26AS with PAN.
This is going to be a live 26AS Form, which gets updated every 3 months.

The main purpose behind all these changes is to establish transparency in the tax filing system. Keeping tabs on such financial information makes it easier to avoid discrepancies while filing ITR.

Now that the Income Tax Form 26AS downloading process has become simpler with the launch of an e-filing portal, you can check your tax obligations, transaction details, etc., within a few minutes.

Frequently Asked Questions

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Can you access Form 26AS if you live outside India?

Yes, you have to register for NRI services on the TRACES website, and follow the same steps to view, download and do e filing Form 26AS.

How can I make corrections in Form 26AS?

If you notice any kind of errors in your Form 26AS, you have to directly get in touch with the Income Tax Department and request rectification.