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?
- Components of Form 26AS Tax Credit Statement
- How to Download Form 26AS?
- How to View Form 26AS?
- Actual TDS and TDS Credit in Form 26AS Does not Match
- Steps to Convert Tax Credit Statement Text File to Excel Format
What is Form 26AS?
Form 26AS is a consolidated Tax Credit Statement which provides the following details to a taxpayer.
- Details of Tax Deducted at Source (TDS) from the taxpayer’s income.
- Details of Tax Collected at Source (TCS) from taxpayer’s payments.
- Advance Taxes, Self Assessment Taxes and Regular Assessment Taxes paid by the taxpayers.
- Details of the Income Tax Refunds received during the year.
- Details of any high-value transactions (for eg. Shares, Mutual Funds, etc.).
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|
|Date of Birth/Incorporation|
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
- 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.
- 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.
- 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
- Login to the Income Tax e-Filing portal
You will land on the dashboard of the new income tax portal.
- Navigate to eFile
Click on eFile and then click on income tax returns from the dropdown.
- View Form 26AS
Now, click on View Form 26AS from the dropdown.
Click on confirm.
- Navigate to TRACES
Once you are redirected to TRACES, you will have to click on proceed to the disclaimer that appears on the screen.
- View Form 26AS option
Click on the option to View Tax Credit (Form 26AS).
- 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.
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:
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.
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.
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.
Form 26AS will be in affect from the 1st of June 2020.