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The Form 26AS is extremely important because it establishes the amount of tax deducted and collected at the source on taxpayer's behalf
On June 7, 2021, the Income Tax Department introduced a new e-filing system. The new electronic filing system is expected to provide taxpayers with convenience and a modern, seamless experience. Additionally, the new portal has a simpler download capability when it comes to Form 26AS. Form 26 AS, also known as the annual consolidated statement, is a critical document containing all of the taxpayer’s tax-related information, such as TDS (Tax Deduction at Source), advance tax, etc. Following the opening of the new income tax website, taxpayers will be able to access their tax information by downloading Form 26AS from the new portal. Let’s take a look at what does Form 26AS includes and how you can download Form 26AS:
What does Form 26AS include?
Form 26AS includes information on the tax deducted from your income by the deductors. It gives a detailed view of the tax collected by the collectors.
The form also includes advance tax paid by the taxpayer and self-assessment tax payments. Further, it also details the refund received by the taxpayer during the financial year and details of high-value transactions involving stocks, mutual funds, and other financial instruments.
Form 26AS is essential because it establishes the amount of tax deducted and collected at the source on the taxpayer’s behalf. Additionally, it verifies that the companies and banks deducted the correct taxes and deposited them in the government’s account.
Steps to download the Form 26AS
-To download one’s Form 26AS, an income taxpayer must log into the new income tax website, i.e., www.incometax.gov.in, and create an account.
-Then, at the top right of the income tax portal home page, select the ‘Login’ button, navigate to the ‘e-File’ menu, and follow the simple instructions.
-After logging in, navigate to the ‘e-file’ menu and click the ‘View Form 26 AS (Tax Credit) link.
-Read the disclaimer and click the ‘Confirm’ button. Upon clicking the disclaimer’s ‘Confirm’ button, you will be taken to the TDS-CPC website. On the TDS-CPC website, accept the terms and conditions by clicking on the ‘Proceed’ option.
-Then, select ‘View Tax Credit (Form 26AS) and make a selection for the assessment year.
-Click on the ‘View Type’ drop-down menu (HTML, Text, or PDF) and download. The computer monitor or cell phone screen will display your Form 26As. Save and download Form 26 AS for future use.