ITR Filing: What is Form 26AS and Why Should You Pay Attention to It?

ITR Filing: What is Form 26AS? Why Should You Pay Attention to It

As the Income Tax season has arrived, you must have begun collecting information and documents required for filing the ITR.

If you are a professional, consultant or a contractor, your clients would have deducted TDS during the year while paying to you. Similarly, employers must have deducted TDS while paying salaries to employees every month.

You can deduct the total TDS from your final tax liability, post which you can pay the additional tax/ claim a refund in case excess TDS is deducted.

However, did you forget to write down the TDS amount deducted by each client? Don’t worry – Form 26AS is here to help you recall all the TDS amounts deducted during the year.

What is Form 26AS?

Form 26AS is a tax credit statement. It shows the amount of TDS, TCS or any other form of tax deposited with the Income Tax Department against a particular PAN number in a Financial Year.

Hence, whether your clients deduct and deposit TDS with the government against your PAN number, or you pay advance tax or self-assessment tax by quoting your PAN number, Form 26AS will reflect all of these amounts. Also, if you want to know about the changes in Form 16, click here

Can I view Form 26AS by PAN?

No, you can’t directly view Form 26AS through your PAN number. You have to log in to the income tax e-filing website through PAN number and password. Thereafter, you can view and download the Form 26AS from TRACES website.

How to Download Form 26AS?

Follow the below-mentioned steps to download the Form 26AS –

  1. Log in to the Income Tax Website using PAN number (User ID) and the password.
  2. Hover on “My Account” Tab and click “View Form 26AS (Tax Credit)” option. It will confirm to redirect you on TDS-CPC Website for downloading 26AS.
  3. Once you confirm it, it will open the TDS-CPC Website in a new tab on which you have to give the acknowledgment for using the website.
  4. Click “View Tax Credit (Form 26AS)”.
  5. Select the Assessment Year (2019-20 for FY 2018-19) and View as HTML to download PDF copy of Form 26AS.
  6. After viewing the Form 26AS in HTML format, you can click “Download as PDF” button; the PDF file will get downloaded.

What are the contents of Form 26AS?

Form 26AS is divided into 7 main parts and contains details related to TDS, TCS and other forms of tax deposited with the Government against a particular PAN number in a Financial Year.

There could be certain complex details also mentioned in the Form 26AS such as TDS statement defaults or AIR transactions. In such cases, it is advisable to consult a Chartered Accountant and take necessary actions. WizCounsel tries to keep you updated with every change that is made in the tax slabs. Check out our blog –  Income Tax changes for FY 2019-2020 

ITR Filing: What is Form 26AS and Why Should You Pay Attention to It?

Form 26AS doesn’t show the correct TDS amount deducted. What should I do?

If the TDS as per your calculation differs from the TDS shown in Form 26AS, you should reach out to the respective client/ employer and ask them to identify the error and file revised TDS returns.

Remember, if you claim higher TDS amount in the income tax return than what is reflected in Form 26AS, the income tax department may issue a demand notice asking for additional tax and interest. Hence, you should get in touch with your client or employer to correct the same.

If they don’t agree to file the revised return and the department raises a demand notice, you can find a chartered accountant and register an appeal to waive off the additional tax and interest by producing necessary documents that evident deduction of tax by your client or employer.


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