Explained: What is Form 26AS and why is it important for filing ITR

A Form 26AS contains all tax-related information of a taxpayer such as TDS, TCS, advance tax paid by the assessee, self-assessment tax payments, details about income tax refunds, and other details

Form 26AS is a crucial tax document. It is a consolidated annual statement issued for individual taxpayers and associated with their Permanent Account Number (PAN). Here is the significance of Form 26AS and details on how you can view or download it online.

What is Form 26AS?

A Form 26AS contains all tax-related information of a taxpayer such as tax deducted at source (TDS), tax collected at source (TCS), advance tax paid by the assessee, self-assessment tax payments, details about income tax refunds, and the details of tax deducted on the sale of immovable property, among other details.

What is the significance of Form 26AS?

Taxpayers can verify their actual transactions with the transactions reported in their Form 26AS before filing their income tax return (ITR). This will help in minimising errors such as omissions while filing the ITR. Any mismatch between your Form 26AS and the income tax returns filed by you can lead to an inquiry.

Form 26AS also confirms that different entities have paid taxes on your behalf and deposited in the government account.

How to download Form 26AS?

You can download your Form 26AS through the Income Tax Department website. You must have an existing account or you will to register on the website.

Follow these steps:

• Log in to your account on incometaxindiaefiling.gov.in using your User ID, password, and the captcha code displayed on the screen
• Go to “My Account” and then click on the “View Form 26AS Tax Credit” button from the dropdown menu
• You will be asked for a confirmation to proceed to the next step
• You can then either view your Form 26AS or download a PDF file
• To access the PDF document, you will need to enter the password which is your date of birth in DD/MM/YYYY format

How to view Form 26AS without login?

You can also view your Form 26AS through the internet banking facility of your bank account. The facility is available only if your PAN is linked to your bank account. Banks that provide this service include Axis Bank, Bank of India, ICICI Bank, IDBI Bank, Indian Overseas Bank, Kotak Mahindra Bank, State Bank of India, and Union Bank, among others.

What is the difference between Form 26AS and Form 16?

A Form 16 is a statement that shows the total amount paid to an employee and tax deducted during a financial year while Form 26AS contains all the tax-related transactions for a taxpayer.