What is Form 26AS, How to Download and View Form 26AS Online 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!

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.

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.

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 1: 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 2: Details of Tax Deduction at Source 15G & 15H

Form 15G and 15H are self-declaration forms used by individuals to avoid tax deduction at source (TDS) on certain types of income if their total income falls below the taxable limit, providing relief to taxpayers.

Part 3: 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

Part 4: 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 5: Details of Transactions under Proviso to sub-section (1) of section 194S as per Form-26QE (For Seller of Virtual Digital Asset

Transactions under the provision to sub-section (1) of section 194S, as per Form-26QE, specifically pertain to sellers of virtual digital assets who are required to deduct TDS at a prescribed rate while transferring such assets.

Part 6: 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 7: 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 8: 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)

Tax Deducted at Source (TDS) under sections 194IA, 194IB, 194M, and 194S is applicable to different categories of taxpayers, such as property buyers/tenants, individuals making payments to contractors/professionals, and buyers of virtual digital assets, respectively, ensuring tax compliance and collection.

Part 9: Details of Transactions/Demand Payments under Proviso to sub-section (1) of section 194S as per Form 26QE (For Buyer of Virtual Digital Asset)

Transactions/Demand Payments under the proviso to sub-section (1) of section 194S, as per Form 26QE, apply to buyers of virtual digital assets who are required to deduct TDS at the prescribed rate while making such payments.

Part 10: TDS/TCS Defaults* (Processing of Statements)

TDS/TCS Defaults refer to discrepancies or errors in the submitted tax deduction or collection statements including short deduction , interest payment default, late filing fees etc .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.

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.