You need Income Tax Form 26AS to assess your tax deductions and to help you file for income tax returns. But you are wondering, “what is Form 26AS” and why is it required? Questions like, “how to download Form 26AS” or “how to view Form 26AS” are probably giving you sleepless nights, especially as we draw close to the end of the financial year 18-19.
Well, don’t worry, we are here to answer all your queries. Form 26AS is a consolidated annual tax statement, which gives details about the taxes that you have paid to the Indian government or those that were deducted by the employer or the bank on your behalf.
This annual 26AS statement is managed by the Income Tax department of the government of India. It contains information on all the taxes deducted from the taxpayer against their PAN. In short, if you’ve paid any taxes your salary, the income tax department has this information in their income tax 26 AS database. These details can be accessed and viewed by any taxpayer.
May 28,2020: Under Section 285BB of the IT Act, Form 26AS has been revised to include information about share transactions and real estate (property). Form 26AS, which only contained details about Tax Deducted at Source (TDS) and Tax Collected at Source (TCS), will now also furnish information pertaining to payment of taxes, financial transactions, and the taxpayer’s — completed or refund and pending or demand — proceedings undertaken in a financial year. All of this has to be mentioned in the ITR.
So, now that you have understood what form 26AS is, you want to access it. But you don’t know how to view Form 26AS. To make it simple, Form 26AS can be viewed on TRACES—a portal developed and maintained by the government of India. On this portal, you’ll get to view and download form 26AS.
As form 26AS is connected to your Permanent Account Number or PAN number, you can also view form 26AS by PAN no. via net banking from your savings bank account. This service is accessible to all PAN number holders who have opted for a net banking facility with any of the authorised banks. You can view Form 26AS statement or your Tax Credit Statement only if the PAN number is associated with that bank account. This service is free, however, the bank should be registered with NSDL to provide this facility.
The list of various banks authorised and registered with NSDL (as of date) and provide the View Tax Statement or View Form 26AS facility are as follows:
If you don’t have a net backing service, still you can view 26AS by logging in to the official website of the income tax department. Now, you must be wondering, “how to do it?” and “how to download form 26 AS”. Well, it is very simple to gain access to Form 26AS.
We hope this read makes Form 26AS clear. Well, to summarise it for you, the 26AS income tax is the first step in assessing your income tax. This is the first thing that your financial and income tax advisor would ask for before giving any advice on reducing your taxable income and planning better investments to enjoy the benefits of tax deductions.
Form 26AS is easily available online or through the banks offering net banking facilities, where you can view Form 26AS by PAN no. If you’re not yet registered with the Income Tax of India website then do so right away to find 26AS TDS online at “incometaxindiaefiling.gov.in”.
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