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August 9, 2020

Online Process to check Form 26AS Statement online for AY 2020-21

Online Process to check Form 26AS Statement online for AY 2020-21

Form 26AS (Tax Credit Statement) is the annual statement in which the details of tax credit are maintained for each taxpayer as per the database of Income-tax Department. 

Form 26AS reflects the tax credit against the PAN of the taxpayer. Form 26AS can be downloaded on the TRACES website. In this article we will learn how to download form 26As from Traces website and the details of Form 26AS.

Procedure to check 26AS statement online:

Below is the stepwise procedure to check Form 26AS online:

Step 1: Go to https://www.incometaxindiaefiling.gov.in/home and Login using login ID and password

Step 2: Now under My account tab select “View Form 26AS (Tax credits)”

Now click on “confirm” button in the next page. It will redirect you to TRACES website.

Step 3: Now, select “I agree” check box and click on “Proceed” button

Now, click on View Tax Credit (For m 26AS) Link, you will be redirected to below page.

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Now select the Assessment Year for which  from the drop down and from view as drop down select “HTML” option and click on “view/ download” button (which will get enabled once you select the above two option). Now, you will able to see the TDS and other details.

Once you click the view button view button “export as PDF” button will get enabled where we can download the 26AS statement in PDF format.

Various parts and details of Form 26AS statement:

Form 26AS is divided in 9 parts which are as follows:

Part A: Details of Tax deducted at source:-

The 1st part contains the details of TDS deducted on your salary, interest income, pension income and prize winnings etc. TAN of the deductor and the amount of TDS deducted and deposited are also mentioned. This information is provided on a quarterly basis.

Part A1: Details of Tax deducted at source for 15G /15H

The 2nd part contains the details of income where no TDS has been deducted since the taxpayer has submitted Form 15G or Form 15H. The assessee can verify the status of TDS deduction if they have submitted Form 15G or Form 15H. In case assessee has not submitted Form 15G or Form 15H, this section will display ‘No transactions present’.

Part A3: Details of Tax Deducted at Source on Sale of Immovable Property u/s 194IA/ TDS on Rent of Property u/s 194IB / TDS on payment to resident contractors and professionals u/s 194M (For Seller/Landlord of Property/Payee of resident contractors and professionals)

This is applicable where the taxpayer has sold the property during the year or has received rent during the year where the rent payment is more than Rs. 50,000 or has received contract receipts of more than Rs. 50 lakh from individuals and TDS was deducted from your receipts. The assessee will find the relevant entries here.

Part B: Details of Tax Collected at Source

Part B has details of the tax collected at source (TCS) by the seller of goods.

Part C – Details of Tax Paid (other than TDS or TCS)

Where assessee has deposited any tax by himself,than that information will appear here. Details of advance tax as well as self-assessment tax are present here. It also contains details of the challan through which the tax was deposited.

Part D – Details of Paid Refund

This pat will give information regarding your refund, if any received, will be present in this section. Assessment year to which the refund pertains, along with mode of payment, amount paid and interest paid and also the date of payment is mentioned.

Part E – Details of SFT Transaction

Banks and other financial institutions must report high-value transactions to the tax authorities. Mutual fund purchases of high value, property purchases, high-value corporate bonds are all reported here.

Part F – Details of Tax Deducted at Source on Sale of Immovable Property u/s 194IA/ TDS on Rent of Property u/s 194IB /TDS on payment to resident contractors and professionals u/s 194M (For Buyer/Tenant of Property /Payer of resident contractors and professionals)

Where the assessee has bought a property and has deducted TDS before making payment to the seller. This section has details of TDS deducted & deposited by the assessee.

Part G – TDS Defaults (Processing of Statements)

Under this tab defaults relating to the processing of TDS statements are mentioned. It do not include demands raised by assessing officer.

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