All about Form 26as
Understanding Form 26AS: Importance & Use in Tracking Financial Transactions
In order to promote transparency and simplify the tax return filing process, CBDT has amended Form 26AS vide Sec 285BB of Income Tax Act, 1961 r.w.r.114-I of Income Tax Rules, 1962. The new Form 26AS will provide a complete profile of the taxpayer for a particular year.
Information About Taxpayers In Form 26AS:
Mobile no., e-mail id, date of birth/incorporation, and Aadhaar no.
Information relating to tax deducted or collected at source.
Information relating to the specified financial transaction (Information on property and share transactions etc.)
Information relating to the payment of taxes.
Information relating to demand and refund.
Information relating to pending proceedings.
Information relating to completed proceedings.
Information received by the Income Tax Department from any other country under the treaty/exchange of information about income or assets of the taxpayer located outside India.
Further, an enabling provision has been notified empowering the CBDT to authorize DG Systems or any other officer to upload in this form, information received from any other officer, or authority under any law. Thus, any adverse action initiated or taken or found or order passed under any other law such as custom, GST, Benami Law, etc. including information about Turnover, import, export, etc. may be made a part of Form 26AS.
Note: Form 26AS can be viewed from the assessment year 2009–10 onwards. Form 26AS also shows the current status of PAN (active/inactive/deleted).
HOW TO VIEW YOUR FORM 26AS?
Form 26 can be viewed/ accessed in 3 ways:
View Tax Credit from incometax.gov.in
Taxpayers registered at the above portal viz https://incometax.gov.in can view 26AS by login in using a username and password.
Clicking on ‘ View Form 26AS (Tax Credit)’ in “ Income Tax Returns” under the e-file option, and then providing the required details like assessment year, and view type, and then the same can be viewed.
The facility is available free of cost and registered users may use the link https://incometax.gov.in for this purpose.
View Tax Credit (Form 26AS) from the bank site through the net banking facility
The facility is available to a PAN holder with a net banking account with any authorized banks*. View of Tax Credit Statement (Form 26AS) is available only if the PAN is mapped to that particular account. The facility is available free of cost.
List of Banks registered for providing a view of Form 26AS:
1 Axis Bank
2 Bank of Baroda
3 Bank of India
4 Bank of Maharashtra
5 Canara Bank
6 Citibank N.A.
7 City Union Bank Ltd.
8 ICICI Bank Ltd.
9 IDBI Bank Ltd.
10 Indian Overseas Bank
11 Indian Bank
12 Jammu & Kashmir Bank Ltd.
13 Karnataka Bank Ltd.
14 Kotak Mahindra Bank Ltd.
15 Punjab and Sind Bank
16 State Bank of India
17 The Federal Bank Ltd.
18 The Karur Vysya Bank Ltd.
19 The Saraswat Co-operative Bank Ltd.
20 UCO Bank
21 Union Bank of India
22 HDFC Bank Limited
23 The central bank of India
24 Punjab National Bank
25 Induslnd Bank
26 Yes Bank Limited
27 Equitas Small Finance Bank
Note: This option does not require any separate registration as the KYC of the taxpayer has already been done by the concerned bank.
View Tax Credit from tdscpc.gov.in
- For Resident Taxpayers:
- A resident taxpayer first needs to register on TRACES (https://tdscpc.gov.in). Form 26AS can be viewed by clicking on ‘ View Tax Credit Statement (Form 26AS)’ after login in as “ Taxpayer” and filling in the required details like password and relevant assessment year.
2. For Non-Resident Taxpayers:
An NRI taxpayer can view tax credits from https://www.nriservices.tdscpc.gov.in. NRI taxpayers first, need to register at TRACES Portal. A request can be raised to view/download Form 26AS by clicking on ‘ View Tax Credit Statement (Form 26AS)’ after login in as “ Taxpayer” and filling in the required details like password and relevant assessment year. Form 26AS statement can be downloaded either as a PDF/text/excel file or can be viewed as HTML. All the web links referred to here can also be accessed on the national website of the Income Tax Department (www.incometaxindia.gov.in), where there is an option to view the tax credit - the user is taken to the e-filing website, internet banking, or TRACES website based on the choice of the taxpayers to view his tax credit.
Note: For voluminous records, a request for downloading Form 26AS as a text file, needs to be submitted at TRACES by the user.
The transactions under the Statement of Financial Transactions (SFT) Code which will get captured in New Form 26AS include
S.NO. | Nature of Transaction | Monetary Threshold of Transaction |
1 | Cash Payment or issuance of DD or Pay orders or any other Bank instruments | Over Rs. 10 Lakh in an F.Y. |
2 | Purchase of pre-paid instruments in cash | Payment in cash aggregating to 10 Lakh or more |
3 | Cash deposit/withdrawal in the current account | aggregating to 10 Lakh or more |
4 | Cash deposit in one or more accounts other than a current account and time deposit | aggregating to 10 Lakh or more |
5 | Time deposit (Other than a time deposit made through renewal of another time deposit) | aggregating to 10 Lakh or more |
6 | Payment for credit card | Made by any person of an amount aggregating to 1 lac or more in cash or 10 Lakh or more by any other mode |
7 | Purchase of debentures | aggregating to 10 Lakh or more |
8 | Purchase of shares (including share application money) | aggregating to 10 Lakh or more |
9 | Buyback of shares | aggregating to 10 Lakh or more |
10 | Purchase of mutual fund units | aggregating to 10 Lakh or more |
11 | Purchase of foreign currency | aggregating to 10 Lakh or more |
12 | Purchase or sale of immovable property | 30 Lakh (individual transaction) |
13 | Cash payment for goods and services | 2 Lakh (individual transaction) |
14 | Cash deposits during the specified period (9th Nov to 31st Dec 2016) | (a) Rs. 12.5 Lakh or more in one or more current accounts of a person, or (b) Rs. 2.5 Lakh or more in one or more accounts other than the current account of a person |
Authorities For any clarification regarding Form 26AS:
Part of the Form 26 AS | Contact for Clarification and Remedy |
A A1 & A2 | Deductor |
B | Collector |
| C | Assessing Officer/Bank |
| D | Assessing Officer/ITR-CPC |
| E | Concerned AIR filer |
| F | NSDL/ Concerned Bank Branch |
| G | Respective TAN Holder |
USEFULNESS OF TAX CREDIT STATEMENT (FORM 26AS):
The following information is available in Form 26AS of a taxpayer which is helpful for him in furnishing his ITR and ensuring other tax compliances.
- View all financial transactions involving TDS/TCS during the relevant Financial Year in one place.
- View of transaction details involving No/Lower deductions.
- View of other taxes paid other than TDS/TCS.
- View of details of the refund.
- The TDS certificate number available in Part A2 of 26AS can be utilized to verify the TDS certificate i.e. Form 16B.
- View of the current status of PAN.
- View of TDS defaults relating to all the TANs associated with the PAN.
- View of details of SFT transactions.
- View of details of turnover as per GSTR-3B
THE REASONS FOR NOT FINDING YOUR TAX CREDITS IN 26AS CAN BE:
1. The tax collected by the deductor is not deposited in govt account.
2. TDS Return not filed by the deductor.
3. Statement of tax deduction not filed with TDS Return.
4. Statement of tax deduction filed with the wrong PAN which is not yours.
FOLLOW UP WITH THE DEDUCTOR TO –
- Ensure that the correct PAN has been intimated to the deductor.
- Ensure that the deductor has deposited tax deducted. A regular view of 26AS by the taxpayer helps in timely follow-up with the deductors.
- Taxpayers can use the “View TDS/TCS credit” facility using the link www.tdscpc.gov.in to know whether the deductor/collector has filed a quarterly TDS/TCS statement provided the PAN and the count on records present.
