TDS Form 26AS: How to Check and Download It Online

Have you ever wondered if the TDS deducted from your income is actually reaching the government? Are you even keeping track of your taxes accurately?

Maybe you’re unsure how to check your tax credits, but Form 26AS is your go-to document to understand all the taxes deducted from your income, including TDS, TCS, and much more. It’s your personal tax credit statement, consolidating everything from advance tax payments to high-value transactions and even foreign remittances. With its expanded scope, TDS Form 26AS now covers important details like mutual fund purchases, dividends, and tax refunds, making it an indispensable tool for tax filing.

Information Available on TDS Form 26AS

• TDS (Tax Deducted at Source): Information about tax deducted by employers/contractors.
• TCS (Tax Collected at Source): Information about tax collected by collectors.
• Advance tax/self-assessment tax paid by the assessee;
• Provide details about tax refunds (if any) made by the department in the last financial year.
• Specified Financial Transactions (SFT): High-value transactions, typically involving shares, mutual funds, etc.
• Interest received (Form 15G/H) from banks and other institutions where TDS is not deducted
• TDS deducted on selling immovable property.
• Taxpayer’s turnover details as per GSTR 3B.

New TDS Form 26AS Additions

• Details of foreign remittances reported in Form 15CC
• Information from Annexure-II of the last quarter’s Form 24Q regarding TDS on salary
• Information derived from the Income Tax Returns (ITRs) of other taxpayers
• Details about interest paid on the refund of income tax
• Data related to Form 61/61A used for populating the PAN
• Information on off-market transactions reported by the Depository or Registrar and Transfer Agents (RTA)
• Dividend information related to mutual funds from the RTA
• Information regarding mutual fund purchases from the RTA

Structure and Parts of TDS Form 26AS

Steps to View Tax Credit Statement (TDS Form 26AS)

1. Visit the Income Tax e-Filing Portal and log in with your credentials.
2. Go to the ‘e-file’ menu and select ‘Income Tax Returns’. Then, click on ‘View Form 26AS’.
3. Read the disclaimer and click ‘Confirm’. You will be redirected to the TDS-CPC Portal.
4. In the TDS-CPC Portal, agree to the usage terms by clicking ‘Proceed.’
5. Click on ‘View Tax Credit (Form 26AS)’.
6. Choose the relevant ‘Assessment Year’ and select the ‘View Type’ (HTML or Text).
7. Finally, click ‘View / Download’ to access and download your Form 26AS.

Why is TDS Form 26AS Important?

Form 26AS is an essential document for taxpayers, providing a comprehensive view of the taxes deducted or collected on your behalf. Here are some of the reasons why Form 26AS is necessary:

1. Verification of TDS/TCS Details: You can cross-check if the deductor or collector has accurately filled in the TDS (Tax Deducted at Source) or TCS (Tax Collected at Source) statement.
2. Timely Deposit Check: It ensures that the tax deducted or collected from your income has been deposited into the government account on time.
3. Tax Credit Verification: Before filing your Income Tax Return (ITR), you can verify the tax credits and ensure the accuracy of income tax calculations.

What are the Benefits of Form 26AS?

Form 26AS offers several advantages to taxpayers:

1. Complete Tax Transaction Details: It provides vital information about taxes deducted/collected and deposited with the government tax authorities by authorized deductors/collectors.
2. Review of Financial Transactions: It helps taxpayers review all financial transactions involving TDS/TCS for the relevant financial year.
3. Income Computation and Tax Credits: It simplifies income computation and helps you claim the correct tax credits while filing the ITR.
4. Refund Verification: Form 26AS verifies your refund status during the applicable financial or assessment year.

How to Use TDS Form 26AS for Tax Planning and Compliance

• Regular Review: Make it a habit to review your Form 26AS regularly. This helps ensure that all your income sources and deductions are accurately reflected. Regular checks allow you to spot any discrepancies early on.
• Accurate Reporting: When filing your Income Tax Return (ITR), ensure that all the income listed in your Form 26AS is declared. This ensures you claim the right tax credits and helps avoid unnecessary tax liabilities.
• Resolve Discrepancies: Take immediate action if you notice any discrepancies or mismatches in your Form 26AS. Contact the deductor or the Income Tax Department to correct the errors. Addressing these discrepancies promptly helps prevent potential tax notices or penalties later.
• Reconcile Deductions: Check that all eligible deductions (like donations investments under Section 80C to 80U) are correctly reflected in your Form 26AS. If any deductions are missing, contact the relevant entities (e.g., employers or banks) for the necessary updates.
• Track Refunds/Demands: Form 26AS can be a valuable tool for monitoring the status of your tax refunds or demands. You can track essential details such as the assessment year, refund amount, and payment mode to stay informed on your tax status.

Things to Verify in Your TDS Certificate with TDS Form 26AS

When reviewing your TDS certificate with Form 26AS, make sure to check the following essential details:

1. Correct Personal and Deductor Information: Ensure that your name, Permanent Account Number (PAN), the Deductor’s TAN (Tax Deduction Account Number), refund amount paid to you, and TDS amount on Form 26AS are all correct. Any errors in these details can complicate filing your income tax returns.
2. TDS Receipt by the Government: Verify that the TDS shown in your certificate has been deposited with the Central Government. You can compare the TDS data from Form 26AS with your payslips to confirm that the amounts align correctly.
3. TDS Reflection in Form 16/16A: Check that the TDS shown in your Form 16/16A is also reflected in Form 26AS. If the TDS is not showing in your Form 26AS, the deductor may have deducted the TDS but has yet to deposit it with the Income Tax Department. In such cases, promptly contact your deductor to resolve the issue.

Frequently Asked Questions

What is the Importance of Form 26AS?

Form 26AS is a consolidated annual statement linked to your PAN. It’s essential to compare details in Form 16 (issued by your employer) to ensure the accuracy of your tax credit.

How to View Form 26AS Through Net Banking?

You can access Form 26AS via the net banking portal of any authorized bank, provided your PAN is linked to your bank account. This allows you to view and download the form easily.

How to Rectify Errors in Form 26AS?

To correct any discrepancies in Form 26AS, notify the deductor and ask them to file a rectified TDS return. This will ensure accurate reporting and avoid issues during tax filing.

When Does Form 26AS Get Updated?

Form 26AS is updated when the income tax department processes the TDS return that the taxpayer files. It may take several days for this update to reflect in the form.

How do you download Form 26AS in Excel format?

• Log into your e-filing account, go to ‘e-File,’ and click ‘Income Tax Returns.’ 
• Select ‘View Form 26AS’, read, and confirm the disclaimer. 
• Then, choose the ‘Assessment Year,’ set ‘View Type’ as ‘Excel,’ and click on ‘View/Download.’

When Will TDS be reflected in Form 26AS?

TDS is displayed in Form 26AS after the CPC files and processes the TDS return. It typically takes about seven days for the information to reflect in the form.

What are the TDS-related forms I need to submit?

In Part A1 of Form 26AS, you’ll find information about your income where TDS hasn’t been deducted, particularly when you’ve submitted Form 15G or Form 15H.