Form 26AS : Annual Information Statement

Form 26AS is a consolidated tax credit statement. Taxpayers can download it from their Income Tax e-filing account. From 1st June 2020 onward, Form 26AS will also include high-value transactions such as property & share transactions.

What is Form 26AS?

Form 26AS is a consolidated Tax Credit Statement which provides the following details to a taxpayer.

It is a very important document to have while filing ITR. However, you would not want to miss out on tax credits while filing ITR. You can download Form 26AS from the Income-tax e-filing website. The file that the user downloads is password protected. Form 26AS password is the D.o.B (Date of Birth) of the deductee.

CBDT Announcement Regarding New Form 26AS – Annual Information Statement

The Ministry of Finance has released a new avatar of Form 26AS applicable from 1st June 2020. The notification states that the Form 26AS will be divided into two parts; Part A and Part B. Part A of the Annual Information Statement will contain the details of the Aadhaar number, D.o.B, contact details as well. This helps the taxpayers file their ITR with all the basic details available in the Form 26AS. Part A of the statement is as follows:

Permanent Account Number   Aadhaar Number  
Name  
Date of Birth/Incorporation  
Mobile Number  
e-Mail Address  
Address  

Furthermore, the Annual Information Statement aims to incorporate all the information related to the different income sources. Part B will include details of:

  • Property & Share Transaction Details
  • Status of Proceeding with ITD
  • Status of IT Refund/Demand

Given below is the format of Part B for your reference:

Sl. No. Nature of Information
1. Information relating to tax deducted or collected at source 
2. Information relating to specified financial transactions
3. Information relating to payment of taxes
4. Information relating to demand and refund
5. Information relating to pending proceedings
6. Information relating to completed proceedings
7. Any other information in relation to sub-rule (2) of rule 114-I

 

Sample Tax Credit Statement Form

Components of Form 26AS Tax Credit Statement

  • Part A
    • Contains the details regarding Tax Deducted at source including Name and TAN of Deductor, Total Amount Paid, Tax Deducted, and Deposited.
  • Part A1
    • Contains the details regarding Tax Deducted at Source in case Form 15G / 15H has been submitted by the deductee.
  • Part A2
    • Contains the details regarding Tax Deducted at Source on Sale of Immovable Property u/s 194IA (For the seller of Property).
  • Part B
    • It has the details regarding Tax Collected at Source
  • Part C
    • Contains the details of any Taxes paid other than TDS/TCS, i.e., Advance Tax, Self-assessment Tax.
  • Status of Booking
    • ‘U’-Unmatched:
      • As the name suggests, the status-U means that there was a discrepancy in your Form-26AS. Either your deductor has not deposited your taxes or the particulars are incorrect or unfinished. It will be changed only when the details of the bank match with the details of the deposit in the TDS/ TCS statement.
    • ‘P’-Provisional:
      • This Tax credit is applicable to the TDS/TCS statements that are filled by government deductors. It will change to ‘F’-Final only when the Pay and Accounts Officer (PAO) submits the verification of payment details.
    • ‘F’-Final:
      • This initiative is seen when the TDS/TCS details are verified and there are no errors.

In case of non-government deductors, it means that the payment details mentioned in TDS/TCS filed by the deductor match with the payment details of the same deposited in Bank.

In the case of government deductors, it means that that payment details of TDS/TCS match with the same submitted by Pay and Accounts Officer (PAO).

How to Download Form 26AS?

Follow the steps given below to download Form 26AS

  1. Login to the Income Tax e-Filing portal

    You will land on the dashboard of the new income tax portal.

  2. Navigate to eFile

    Click on eFile and then click on income tax returns from the dropdown.

  3. View Form 26AS

    Now, click on View Form 26AS from the dropdown.

  4. Disclaimer

    Click on confirm.

  5. Navigate to TRACES

    Once you are redirected to TRACES, you will have to click on proceed to the disclaimer that appears on the screen.

  6. View Form 26AS option

    Click on the option to View Tax Credit (Form 26AS).

  7. Download Form 26AS

    Select the appropriate assessment year and “Text” under the view as option and click on the option to export the document as a PDF.

How to View Form 26AS?

Individuals have the option to view Form 26AS from the TRACES portal and can also download it as shown in the previous section. The Income Tax Form 26AS is linked with the PAN. Taxpayers can view Form 26AS from using net banking from the FY 2008-2009. They can view the Tax Credit Statement only if the PAN is linked to the particular account. This facility is available for free.

Check which ITR Form to file?
Income Tax Return Forms to file depends on your Income Source, Residential Status, and other financial situation. Know which ITR Form you should file.
Explore
Check which ITR Form to file?
Income Tax Return Forms to file depends on your Income Source, Residential Status, and other financial situation. Know which ITR Form you should file.
Explore

Actual TDS and TDS Credit in Form 26AS Does not Match

Every person deducting tax at source has to furnish the details of tax deducted by them to the IT Department. On the basis of the details of TDS provided by the deductor, the Income Tax Department will update Form 26AS of the deductee.

Often the actual amount of TDS and TDS credit as appearing in Form 26AS may differ and it may happen that the TDS credit appearing in Form 26AS may be less as compared to actual TDS, this may happen due to reasons like non-furnishing of TDS details to the IT Department by the deductor, deducting the tax in incorrect PAN, etc. ​If a discrepancy is due to the deductor, then they may file the TDS/TCS correction statement and correct the same.

The Income Tax Department updates the TDS details in Form 26AS on basis of details provided by the person deducting the tax (i.e., the deductor), hence, if there is any default on the part of deductor like non -furnishing of TDS details (i.e., TDS return) to the ITD, deducting the tax in incorrect PAN, etc. then Form 26AS will not reflect the actual TDS. The taxpayers are advised to confirm the tax credit appearing in Form 26AS and should reconcile the difference, if any. 

Steps to Convert Tax Credit Statement Text File to Excel Format

  • After downloading the file from the TRACES portal, extract the files and use the Date of Birth (D.o.B) of the deductee as the password to open the file.
  • Hence, copy the entire data from the text file.
  • Paste the data into the MS Excel Worksheet. Furthermore, choose the “Data” option from the excel dashboard.
  • Select the “Text to Columns” option from the dashboard options. Hence, click on the “Delimited” check-box and go to the next step.
  • Under the “Delimiters” section, choose the “Other” option and enter the ‘^’ symbol in the empty space. Furthermore, click on the “Next” option.
  • Select the “MDY” option “Column Data Format” drop-down list and hence, click on the “Finish” option.
  • Therefore, we can see the form in the excel sheet format:

FAQs

Can I claim TDS in my return without Form 16?

Yes, the TDS credit in your case will be reflected in your Form 26AS, and, hence you can claim the same while filing ITR. However, the claim of TDS to be made in your return of income should be strict as per the TDS credit being reflected in Form 26AS.

What to do if the TDS credit is not reflected in Form 26AS?

Non-reflection of TDS credit in Form 26AS can be due to several reasons like the non-filing of the TDS statement by the payer, quoting incorrect PAN of the deductee in the TDS statement filed by the payer. Thus, in case of a non-reflection of TDS credit, the payee has to contact the payer for ascertaining the correct reasons for the non-reflection of the TDS credit.

How to resolve unmatched entries in Form 26AS?

There can be one or more of the following reasons for ‘U’-unmatched status.
Deductor/Collector did not file TDS/TCS Return.
​Deductor/Collector has not/incorrectly quoted your PAN in the TDS/TCS Return.
​You have not provided your PAN or your provided PAN is incorrect.
Take the following steps in such cases:
​Cross-check the TDS information with Form-16 &/or Form-16A.
​Ask your deductor to revise the TDS return.
​Once they do it and it’s submitted to the department, ask them to update your TDS details.

When will the new Form 26AS be in effect?

Form 26AS will be in affect from the 1st of June 2020.

Got Questions? Ask Away!

  1. Hey @TeamQuicko

    Thanks for the blog! Just one quick question - Why do we have to report a quarterly breakdown of Dividend Income under IFOS?

    Thank you!

  2. I had received dividend recently but I had noticed that TDS had been deducted. any idea as to why has it happened and is there a way I can claim this TDS?

  3. Hey @HarshitShah

    After the introduction of Budget 2020, dividend income is now taxable in the hands of the shareholder; and is also subject to TDS at 10% in excess of INR 5000 u/s 194 & 194K. Foreign Dividend is taxable at slab rates. TDS is not applicable to such dividends. The taxpayer should report such income under the head IFOS in the ITR filed on the Income Tax Website.

    Hope this helps!

  4. Hi @ameyj

    The amount of TDS deducted shall reflect in your Form 26AS only and it will also reflect the name of the deductor.
    Using the name of the deductor you can find out on which share you have received the dividend and you can also cross-check the same in your bank statement.

    Yes, you are right, TDS is to be deducted when the dividend paid exceeds 5000 INR in a financial year. However, the 5,000 INR limit pertains to all the dividends an individual gets in a year, or the total dividend per shareholder that a company pays out in a year, is left to interpretation, and hence registrars and share transfer agents (RTA) are not taking any chances and are deducting TDS even on small amounts.

    Hope this helps

  5. Hi @TeamQuicko

    Consider that I have 10 shares each of 10 different Indian companies. Each of the 10 companies are declaring a dividend of INR 100 before the FY ends. Now I will be recieving 1000 as dividend from each company, thereby a total of 10,000.

    The 5,000 dividend limit, is it applicable to each company / total dividend recieved by me in a year. If it is applicable to each company, then I would not attract TDS of 10% for dividend.

    Also pl clarify, how would the company B know that I have got shares of Company A,C,D,E so on…

  6. Hey @Abdul_Kaleem_shah

    As per sec.194 of income tax act, TDS liability will arise when the amount of such dividend or the aggregate of the amounts of such dividend distributed or paid or likely to be distributed or paid during the financial year by the company to the shareholder, exceeds 5000 Rs.

    Here, the term company not includes aggregate companies and hence limit of 5000 Rs. should be applicable to each company.

    Here, you can read below article covering TDS on dividend income:

    Since, it is purely based on interpretation and ambiguous as opinion vary from experts.

  7. Hey @TeamQuicko

    I tried to file ITR-3 via Quicko’s integration with Zerodha. While filing the ITR, I got an option to switch to the New Tax regime to save additional taxes.
    Since I had some turnover from intraday and FnO (speculative/ business), am I eligible to switch to the new regime through Quicko while filing?
    How do I fill the Form 10-IE? If I haven’t filled the form, would the portal preent me from filing returns altogether?
    Also, once I get rebate (if opted for new regime) / pay dues (if opted for old regime), do I need to go through the hassles of replicating it on the new ITR portal (i.e manually answering the schedule sections)?

    Kind regards

  8. Hi @ChinmayB,

    Yes, you can opt for the new tax regime. However, keep in mind in case a taxpayer has business income and they opt for the new tax regime, they can switch to the old tax regime only once.

    If you opt for the new tax regime, you need to file Form 10-IE before filing the ITR

    Here’s how you can file the Form 10-IE

    When filing your ITR through Quicko, you do not need to enter details on the new ITR portal, since Quicko is a ERI (e-return intermediary) registered with the Income Tax Department.

    Note: ITR filing will be enabled on Quicko in the coming week. So stay tuned for more exciting features!

Continue the conversation on TaxQ&A

11 more replies

Participants