What is Form 26AS?
Form 26AS is a consolidated annual tax statement issued by the Income Tax Department that provides taxpayer with the information on
- Tax Deducted at Source (TDS) by your employers,
- Tax Collected at Source,
- Advance Tax paid by the taxpayer,
- Self-Assessment Tax of a particular financial year.
Apart from the points mentioned above, Form 26AS also provides the taxpayer with the information on
- Investment in Mutual Funds
- Sale or purchase of immovable property, etc.
Form 26AS is one of the crucial documents the taxpayer will require when he or she is filing for the Income Tax Returns. (ITR). Form 26AS acts as proof that the taxes have been paid by the taxpayer and deposited in the Government's account.
Taxpayers sometimes face hassle while filling the Form 26AS. Thus, to help you with that, we have mentioned a step-by-step procedure on how to download Form 26AS.
How to View and Download Form 26AS
The taxpayer can download Form 26AS from the TRACES website or through net banking as well. If the taxpayer already has an account, he or she can download Form 26AS with the help of the points mentioned below. In case the taxpayer does not have an account, he or she will first have to register on the official Income Tax website and then download the Form.
Step 1 – The taxpayer can click on the given link - https://incometaxindiaefiling.gov.in and log in using the login ID and password he or she has of the Income Tax Department. If the taxpayer does not have an account, then he or she needs to create the account first.
Step 2 – After logging in, the taxpayer has to enter his or her PAN details, date of birth, and password. After entering the password, you will have to enter the captcha code and then click on 'Login'.
Step 3 – The taxpayer has to click on 'My Account' and click on the 'View Form 26AS (Tax Credit)'.
Step 4 – After viewing Form 26AS, the taxpayer will be asked to confirm to redirect them to the TRACES website. The taxpayer has to click on 'Confirm'. This redirection step is necessary so the taxpayer does not have to worry about anything.
Step 5 – The taxpayer will now be redirected to the TRACES website. After the redirection, the taxpayer will have to click on the' Proceed' box.
Step 6 –The taxpayer will then have to click on the link at the bottom of the page – 'Click View Tax Credits (Form 26AS) to be able to view Form 26AS.
Step 7 – The taxpayer will then have to choose the assessment year and the format that he or she wants to view. The taxpayer can also choose to download Form 26AS in PDF form. After this, the taxpayer has to enter the Verification Code he or she will receive and click on the option 'View/Download.'
Step 8 – To view the document, the taxpayer will have to enter the password. The password to view Form 26AS is the taxpayer's date of birth.
With this, you must now be knowing how to download the form 26AS seamlessly and conveniently.
Let us now look at why Form 26AS is an important document in today's time.
Why is 26AS an Important Document in Today's Time?
Form 26AS serves various purposes and is one of the crucial documents in today's time.
1. Acts as a Proof
One of the key features of Form 26AS is that it acts as proof that the taxes have been paid by the taxpayer and are deposited in the Government's account. This ensures that the taxpayer does not face any hassles or confusion later on.
2. Provides Record for Your Income Tax Return (ITR)
Another key feature is that Form 26AS provides a record of the taxes that are paid by the taxpayer when he or she is filing for Income Tax Returns (ITR).
3. Saves the Taxpayer From a lot of Paperwork
Taxpayers often worry that the Tax Deducted at Source(TDS), Tax Collected at Source, Advanced Tax, etc., will be a lot of paperwork, which can create confusion and hassle for the taxpayer. Form 26AS saves the taxpayer from paperwork and helps him or her file for TDS, Tax Claimed at Source, etc. seamlessly.
4. Ensures That the Taxpayer Does Not Face Any Penalty
While filing up Form 26AS, the taxpayer sees that there is a discrepancy or an error in Tax Deducted at Source or Assessment Tax, then he or she can reach out to the respective bank well in advance and get the error fixed. Filing up the 26AS Form will save the taxpayer from the Government's penalty.
You must now have understood what Form 26AS is and how to download Form 26AS in a well-structured and conclusive way.