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Verify your Form 26AS, all income tax articles insist and rightly so. But what to verify is question that we have come across in our discussions. This article gives an for an individual an overview of Form 26AS, why is it important, how to view it and what information from Form 16, Form 16A, Advance or Self Assessment tax paid, refund should be verified.

What is Form 26AS?

Form 26AS, also called as Annual Statement, is a consolidated tax statement which has all tax related information (TDS, TCS, Refund etc) associated with a PAN. It shows how much of your tax has been received by the government and is consolidated from multiple sources like your salary / pension / interest income etc. This form contains the annual tax statement under Section 203AA and Rule 31AB.  This statement,  includes details of tax deducted:

  • Tax deducted at source (TDS)
  • Tax Deducted at Source (TDS) for 15G/15H
  • Tax collected at source (TCS)
  • Advance tax/Self assessment tax/regular assessment tax etc., deposited in the bank by the taxpayers (PAN holders).
  • Refund received during the financial year.

Why is the Form 26AS important?

This form MUST be cross-checked with the details of the TDS certificate (Form 16 / Form 16A) to ensure that the TDS deducted on the deductee’s income was actually deposited with the Income Tax department.  The information available in the tax statement confirms that:

  • The tax deducted / collected by the Deductor / Collector has been deposited to the account of the government.
  • The Deductor / Collector has accurately filed the TDS / TCS return giving details of the tax deducted/collected on your behalf.
  • Bank has properly furnished the details of the tax deposited by you.

SO Once tax credit is reflected in the statement, no need for TDS certificates.

  • Enables view of all financial transactions involving TDS/TCS during the relevant Financial Year at one place.
  • Helps in claim of tax credits and computation of income at the time of filing of return of income : This is the first check that is done in verifying your income tax return. If the tax entries don’t match Income tax dept. sends a notice. That’s why they say view your Form 26AS before filing returns.
  • Seamless processing of Income Tax Return and speedy credit of refunds
  • Verification of Refunds encashed during the Financial Year.

As the Form 26AS says Tax Credits appearing in Part A, A1 and B of the Annual Tax Statement are on the basis of details given by deductor in the TDS or TCS statement filed by them. The same should be verified before claiming tax credit and only the amount which pertains to you should be claimed

Since when is Form 26AS issued?

Form 26AS is prepared from Financial Year 05-06 onwards.

  • From FY 2005-06(AY 2006-07)  to 31st Oct 2012 one can view the Form through TIN-NSDL website.
  • From FY 2008-2009 (AY 2009-10) one can also view the Form through TRACES website

How to view Form 26AS?

Form 26AS can be viewed in many ways as given below. Our article Viewing Form 26AS on TRACES explains how to View Form 26AS in detail

  • 1. View Tax Credit from incometaxindiaefiling.gov.in
    • Taxpayers who are registered at the portal  incometaxindiaefiling.gov.in  for e-filing of income tax returns can view 26AS by clicking on ‘View Tax Credit Statement (From 26AS)’ in “My Account”. The facility is available free of cost. Earlier it used to TIN-NSDL website, now it takes to TRACES.
  • 2. View Tax Credit (Form 26AS) through banks using net banking facility
    • The facility is available to a PAN holder having net banking account with any of authorized banks. View of Tax Credit Statement (Form 26AS) is available only if the PAN is mapped to that particular account. The facility is available for free of cost.
    • Banks Site showing tax credit through TRACES (Earlier it was taking to TIN-NSDL site)
  • 3. Through TRACES website after registration. New registrations can be done at TRACES site.

How to see the information in Traces for Form 26AS?

Choose the Assessment Year and the format(HTML,text,pdf) in which you want to see the Form 26-AS. For example for filing returns for FY 2012-13 or AY 2013-14 Assessment year should be chosen as 2013-14. Please Be careful of terms Financial Year and Assessment Year.

  •  If you want to see it online, the format should be HTML.
  •  If you would like to download a PDF for future reference, choose PDF.
  • After you have made your choice, click on View/Download

Password for opening downloaded  Form 26AS  for an assessment Year is date of birth of PAN holder in ddmmyyyy format as mentioned in PAN Card. So if your date of birth mentioned in PAN card is 23-Jan-1983 then to open pdf file password would be 23011983

Structure of Form 26AS

The Form 26AS (Annual Tax Statement) is divided into parts described below. Our article Understanding Form 26AS discusses all parts of Form26AS in detail.

  • PART A – Details of Tax Deducted at Source (All amount values are in INR)
    • This section will show the TDS deducted from your salary / pension income and also TDS deducted by banks on your interest income. TDS deducted by each source is shown as a separate table
  • PART A1 – Details of Tax Deducted at Source for 15G / 15H
    • This section will show  transaction in those financial institutions such as banks where the individual has submitted Form 15G / 15H. TDS in these cases would be zero (because you have submitted 15G/15H). This section enables you to keep a track of all the interest gain which has not been taxed.
  • PART B – Details of Tax Collected at Source:
    • Tax Collected at Source (TCS) is collected by the seller from the buyer at the time of sale of specified category of goods(such as Alcoholic liquor for human consumption,Scrap,Parking lot, Toll plaza). The TCS Rate vary for each category of goods and the TCS is to be deposited with the govt. SimpleTaxIndia’s  India Tax collection at source and tcs provisions discusses it in detail.
  • PART C – Details of Tax Paid (other than TDS or TCS)
    • If you have paid Advance Tax or Self Assessment Tax, this will be listed here, Whenever you deposit your advance tax / self assessment tax directly to bank, the bank will upload this information around three days after the cheque has been cleared.
  • PART D – Details of Paid Refund
    • If you have got any tax refunds in that assessment Year it would be listed under this section.
  • PART E – Details of AIR Transaction.
    • If you make some high value transactions, such as investment in property and mutual funds, then these transactions are automatically reported to the income tax department by banks and other authorities through Annual Information Return (AIR)

Form 26AS looks different from earlier versions?

Yes it does. Earlier version of form is shown below. The change is due to agency which maintains the information. Earlier the information was maintained by TIN NSDL but now it is maintained by TRACES. Though look and feel is different Information reported is similar (Part A1 for tax saved by submitting Form 15H/15G was missing in earlier versions of Form 26AS) . Click on image to enlarge

Old Form 26AS from TIN NSDL

Old Form 26AS from TIN NSDL (Click on image to enlarge)

 What verification does one need to do?

You need to verify that tax has been deducted from you , proof of which is Form 16(Salary), Form 16A(Interest on Fixed Deposit), Advance Tax or Self Assessment Tax paid by you using Challan 280 proof of which should be the receipt.

Assessment Year, PAN Details, Date of  Updation

Form 26AS statement  includes payments pertaining to tax information of a particular Assessment Year (AY).  It is a living document so data is updated based on details given by deductor in the TDS / TCS statement filed by them. Please verify the details (highlighted by maroon colored boxes in image below):

  • Date on which data was uploaded
  • Assessment Year
  • PAN Details
Form 26AS Details

Form 26AS Details

If the name and address details given in Form 26AS are incorrect then you can get the Data corrected by applying in TIN for changes or correction in PAN Data. This request can be made either online or through the existing network of TIN-FCs.

TDS in Form 16/Form 16A matches  PART A of Form 26AS

TDS deducted by each source is shown as a separate table as shown in image below.  Entries are in reverse chronological order that means entry with later  date will appear first. So if you have entry for date  31-Jul-2012, 31-Aug-2012, 30-Sep-2012 then  they will appear as  30-Sep-2012 31-Aug-2012 31-Jul-2012.  Please verify that

  • Details of deductor match your Form 16,Form 16A.
  • All entries for a deductor match the entries in your Form 16/16A. Check each entry for Section Under Which Deduction is made (192 for Salary, 193 for interest on Fixed Deposit from bank) , Date at which Transaction is made, Status of Booking.
  • Status of booking is F or FINAL which shows that payment details of TDS / TCS deposited in bank by deductors have matched with the payment details mentioned in the TDS / TCS statement filed by the deductors.
  • If Tax deducted by an employer is not reflecting in Form 26AS then employer should be approached to ensure filing of TDS statement with correct PAN.

Please contact the deductor to update details if :

  • Some entry(s) is missing.
  • If Status of Booking is U which means Unmatched . It means Deductors have not deposited taxes or have furnished incorrect particulars of tax payment. Final credit will be reflected only when payment details in bank match with details of deposit in TDS / TCS statement.
Match Form 16/Form16A entries with PartA of Form 26AS

Match Form 16/Form16A entries with PartA of Form 26AS

Advance Tax or Self Assessment Tax paid matches Part C of Form 26AS

Part C of Form 26AS has details of Tax Paid (other than TDS or TCS). If you have paid Advance Tax or Self Assessment Tax it will appear in this section.  Our article Our article  Paying Income Tax : Challan 280 explains how to pay the Self Assessment Tax.  Please verify that advance tax or self assessment tax details are showing up in Form 26AS, If they don’t match with your details please contact the Bank

Form 26 Part C should match with Challan for Advance and Self Assessment Tax

Form 26 Part C should match with Challan for Advance and Self Assessment Tax

Part D: Details of Paid Refund

If you have got any refunds then information should match Part D or if no refunds got it should show No Transactions Present

Part D of Form 26AS

Part D of Form 26AS

Related Articles :

Hope it clarifies what to verify in Form 26AS. Looking forward to your questions, comments and feedback

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