How To Download Your Form 26AS?

 

Form 26AS (Tax Credit Statement) is the yearly statement where the subtleties of the tax credit are kept up for every taxpayer according to the database of the Income-tax Department. Form 26AS will mirror the tax credit against the PAN of the taxpayer. Your Tax Credit Statement or Form 26AS is a significant archive for tax filing. There is no need to physically download Form 26AS for filing your IT Returns. You can directly import the Form 26AS information, while filing Income Tax Returns on teh e-filing portal of the Income Tax Department. 

The Form 26AS will have information on tax deducted on your income by deductors, details of tax collected by collectors, regular assessment tax deposited by the taxpayers, details of the refund received by you during the fiscal year, advance tax paid, self-assessment tax payments, details of the High-value Transactions in respect of shares, mutual fund etc.

How to download Form 26AS?

Form 26AS can be downloaded from the TRACES website or via the net banking facility from authorized banks. 

Here are steps to download the Form 26AS. 

• Go to the Income Tax department’s official website  - www.incometaxindiaefiling.gov.in.
• In case if you don’t have an account with IT department, registration is required
• Login to your tax filing profile
• Go to ‘My Account’
• Select on ‘View Form 26AS’ and click ‘confirm;
• You will be redirected to the TRACES website from here
• TRACES 26AS (TDS-CPC) will open up in a new tab
• On the opened webpage click on ‘“View Tax Credit (Form 26AS)”
• Select the assessment year to view or download Form 26AS
• The Form will be password protected.
• The password for the document will be your  date of birth in DD/MM/YYYY format.

New format of Form 26AS

The Budget for 2020-21 had announced the revised Form 26AS giving a more exhaustive profile of the taxpayer going past the subtleties of tax gathered and deducted at source. 

In May, the Income Tax Department advised the new yearly data statement in Form 26AS, viable from June 1. Rather than just listing the subtleties of tax deducted or gathered at source, the modified Form 26AS will mirror all subtleties given by banks and monetary organizations, which were prior recorded in their Statement of Financial Transactions (SFTs). 

The Central Board of Direct Taxes (CBDT) in a statement said the Income Tax Department used to get data like money store/withdrawal from sparing financial balances, deal/acquisition of unfaltering property, time deposits, credit card instalments, acquisition of shares, debentures, foreign income, mutual funds, buyback of shares, money instalment for merchandise and ventures, and so on under Section 285BA of Income-tax Act, 1961 from "specified sources" like banks, mutual funds, foundations giving securities and registrars or sub-registrars and so on., as to people having high-value budgetary exchanges since the monetary year 2016.

“As we go further, all information will be collected and given at one place. As a common taxpayer, any economic activity which results in any profit, if it’s available at one place, then it will stay in my mind during return filing. It’s like a tick box, one can keep ticking this is correct or this is incorrect and needs to be changed. It will facilitate correct filing of return and when the correct filing is done, correct taxes get paid. And once the correct taxes are paid, where is the question of any scrutiny. Scrutiny will only come for the mismatch. And if it comes as well, so then it can be explained in this manner. This will also result in lesser litigation since disputes will be reduced,” says CBDT Chairman PC Mody on the new update of the format.