The Form 26AS holds the ‘Tax Credit’ details of a taxpayer as per the records of the Income Income Tax Department.
With the deletion of Rule 31AB of Income Tax Act, 1961, a new format for form 26AS has been notified. This will be effective from June 1, 2020.
Like in the old Form 26AS, the new form too will present details of taxes deducted and collected at source, details of advance tax or self-assessment tax paid and details of refund if any. In addition to this, now, the taxpayer will get additional information about financial transactions that are specified in the Statement of Financial Transactions (SFTs). Moreover, information regarding any defaults relating to the processing of statements will also be visible in this form transparently.
How to view or download Form 26AS?
Taxpayers can view and download Form 26AS through the Income Tax India e-filing portal.
Step 1: Vist https://incometaxindiaefiling.gov.in and login.
Step 2: Enter the valid credentials and proceed to login.
Step 3: Under the ‘My Account’ tab click, ‘View Form 26AS (Tax Credit).’
Step 4: Confirm to get re-directed to the TDS-CPC website to download Form 26 AS.
Step 5: Agree to the terms related to Form 16/16A and Proceed.
Step 6: Click on the View Tax credit (Form 26AS).
Step 7: Select the relevant Assessment Year and View type (HTML or text), enter the verification code (if prompted for) and click on View/Download.
Note: To download the form 26AS in PDF format, view in HTML and then click on the Export as PDF button. Once the download is complete, the password to open the PDF version of the Form 26AS will be the date of birth/incorporation of the taxpayer in ‘DDMMYYYY’ format.
What to do if there is a difference between the Actual TDS and the TDS Reflected in Form 26AS?
In case there is a disagreement between the deducted and assessed tax, the taxpayer can not avail the TDS of the actual amount. The TDS shown in Form 26AS can only be claimed.
This inconsistency can happen because of:
- Non-submission of details to the department
- Wrong TAN
- Incorrectly filed TDS return
- Selection of wrong Assessment Year
- Late TDS deposit
- Omission in Return
In these genuine cases, the taxpayer can approach the tax deductor and ask him/her to make the necessary amendments in the TDS returns filed by them.