Form 26AS is a document that summarizes tax-related information for a particular financial year. It is a comprehensive statement that includes Taxes paid, such as Tax Deducted at Source (TDS), Tax Collected at Source (TCS), and self-assessment tax. Furthermore, it also showcases information regarding refunds received and high-value transactions.
The income tax Department generates the document. It can be accessed through the Tax Deductors and Collectors System (TRACES) portal by using the taxpayer's Permanent Account Number (PAN). It serves as an essential record for taxpayers as it aids in verifying the tax credit claimed in the Income Tax Return and reconciling tax paid with the Tax Liability. Taxpayers must check the information in Form 26AS before filing their Income Tax Return to ensure that all the transactions have been reported correctly.
Form 26AS is a statement that contains details of tax credits received by an individual or a company during a financial year. This statement includes taxes paid, deducted, and collected by the government. It also includes details of any refunds received by the taxpayer. The information in Form 26AS is used to match the tax credit claimed by the taxpayer with the taxes paid to the government.
The Tax Deductors and Collectors System is a web-based portal maintained by the Income Tax 26as Traces. It is designed to provide services to tax deductors, taxpayers, and collectors.
Below-mentioned are some basic objectives of TRACES:
Talk to our investment specialist
TRACES provides various services for tax deductors, taxpayers, and tax collectors. The main services include are:
TRACES is a valuable tool that simplifies the TDS/TCS process and provides a Range of services that help to ensure compliance with the tax laws and make the process more efficient and convenient for taxpayers
To log in to the TRACES portal, taxpayers must have a PAN and a password. The PAN is used as the username to log in to the portal. If the taxpayer does not have a password, they can request one through the TRACES portal by selecting the 'Forgot Password' option. Once the password is reset, the taxpayer can log in to the portal and access Form 26AS. It is important to ensure that the login credentials are kept confidential.
To log in to TRACES for Form 26AS, you will need to follow these steps:
To view Form 26AS, taxpayers must log in to the TRACES portal using their PAN (Permanent Account Number) and password. Once logged in, the taxpayer can view their Form 26AS by selecting the 'View Tax Credit (Form 26AS)' option under the 'My Account' menu. The statement can be viewed in either pdf or XML format. The taxpayer can check the form to ensure that the credit for taxes paid is reflected in the tax credit statement.
To view Form 26AS through TRACES login, you will need to follow these steps:
To download 26AS from TRACES, you will need to follow these steps:
It's important to note that you should have your PAN linked to your Aadhaar before downloading Form 26AS. Otherwise, you will have to use the Net-Banking option, which may require additional steps to verify your identity. Also, you should review the information in Form 26AS before filing your income tax return to ensure that all the transactions have been reported correctly. In case of any discrepancy, you should contact the deductor or collector or the Income Tax Department to get it corrected.
In conclusion, Form 26AS Traces is an essential document for taxpayers that provides a comprehensive overview of their tax-related transactions. The document is a valuable tool for reconciling tax credit and liability and verifying the information reported in the income tax return. Taxpayers should review Form 26AS before filing their income tax return and take steps to rectify any errors or discrepancies to ensure compliance with the tax laws and avoid potential notices from the Income Tax Department.
A: Yes, Form 26AS can be downloaded in either pdf or XML format through the TRACES portal.
A: If taxpayers forget their TRACES login password, they can request a new password through the TRACES portal by selecting the 'Forgot Password' option.
A: Regular Form 26AS contains details of tax credit received by an individual or a company for all taxes paid, while TDS Traces Form 26AS contains details of tax credit received for taxes deducted at source (TDS).
A: Yes, taxpayers can access Form 26AS of previous financial years through the TRACES portal by selecting the appropriate year while logging in.
A: No, Form 26AS can be accessed with just a PAN and password through the TRACES portal.
A: Yes, checking Form 26AS before filing Income Tax Returns is recommended to ensure that the credit for taxes paid is reflected in the tax credit statement and to avoid any discrepancies.
A: The tax deductor has to file the TDS return every quarter, which is reflected in form 26AS afterward. This part comprises the name and the TAN of the deductor.
A: Yes, Form 26AS is mandatory as it acts as proof of tax deducted and collected at source. It also offers confirmation that the entity, be it the bank or the employer, has deducted appropriate tax and deposited the same to the government account.