Introduction
Before filing your Income Tax Return (ITR), it is essential to verify your tax details using Form 26AS. Form 26AS summarizes the taxes deducted, collected, and deposited against your PAN, and acts as your official tax passbook with the Income Tax Department.
This blog explains everything about Form 26AS for Financial Year 2024–25 (Assessment Year 2025–26) and how it ensures error-free filing.
Legal Reference and Tax Code
- Income Tax Act, 1961:
- Section 203AA: Requires furnishing Form 26AS to taxpayers.
- Rule 31AB, Income Tax Rules, 1962:
Specifies the format and manner of Form 26AS generation.
What is Form 26AS?
Form 26AS is a consolidated tax statement that contains details of:
- Tax Deducted at Source (TDS)
- Tax Collected at Source (TCS)
- Advance tax/self-assessment tax deposited
- Refunds issued by the department
- High-value transactions like property purchases, mutual fund investments (reported through SFT)
It acts as your tax ledger maintained by the Income Tax Department based on your PAN.
Components of Form 26AS
| Component | Details |
|---|---|
| Part A | TDS details from salary, interest, property, etc. |
| Part A1 | TDS details on income where Form 15G/15H was filed |
| Part A2 | TDS on sale of immovable property, rent, etc. |
| Part B | TCS details (if applicable) |
| Part C | Advance tax, self-assessment tax payments |
| Part D | Refunds paid |
| Part E | AIR transactions or SFT (Statement of Financial Transactions) |
| Part F | TDS on sale of property by seller (Form 26QB) |
| Part G | TDS defaults (non-payment or short deduction) |
Why Checking Form 26AS is Important Before Filing ITR
- Verify TDS Amounts: Ensure TDS deducted matches what is deposited.
- Avoid Mismatch Notices: Match income sources to avoid tax notices under Section 143(1) or Section 143(2).
- Claim Correct Refunds: Check if excess tax deposited is accurately captured.
- Report High-Value Transactions: Ensure no missing information on property sales, mutual funds, or big investments.
- Prevent Wrong Claims: Avoid claiming TDS credits that are not reflected in Form 26AS.
Step-by-Step Guide to Download Form 26AS
Step 1: Visit https://www.incometax.gov.in.
Step 2: Log in with your PAN credentials.
Step 3: Go to “e-File” > “Income Tax Returns” > “View Form 26AS”.
Step 4: You will be redirected to the TRACES portal.
Step 5: Accept the disclaimer and select Assessment Year 2025-26.
Step 6: Choose “HTML” or “PDF” format and view/download your Form 26AS.
Detailed Example: Understanding Form 26AS Entries
Case Study:
Mr. Rajesh earned ₹12,00,000 salary income in FY 2024–25. His employer deducted ₹84,000 TDS. He also earned ₹15,000 interest from FD, on which ₹1,500 TDS was deducted.
Form 26AS will show:
- TDS by Employer: ₹84,000 under Section 192
- TDS by Bank: ₹1,500 under Section 194A
- Total TDS available for credit while filing ITR: ₹85,500
What to Do if You Find Errors in Form 26AS
- Mismatch in TDS figures: Contact the deductor (employer/bank) to revise TDS returns.
- Missing transactions: Raise a query with the responsible party.
- Wrong PAN linked: Ask the deductor to correct the PAN in their filings (TDS Return correction).
- Delayed updates: Sometimes Form 26AS updates late. Check after 15–20 days if recent deductions are missing.
Conclusion
Form 26AS is a crucial document for every taxpayer. Always check it before filing your return to ensure that you claim correct TDS credits and avoid unnecessary disputes with the Income Tax Department.
Reach out Today!
Need help reviewing your Form 26AS or filing your Income Tax Return correctly?
Schedule a meeting with our Chartered Accountant, Anshul Goyal, by visiting:
Disclaimer: I am Anshul Goyal, a Chartered Accountant licensed with ICAI, India. This blog is for informational purposes only and does not substitute formal tax or financial advice.
Frequently Asked Questions
1. Is Form 26AS mandatory for filing ITR?
It is not mandatory to attach, but you must cross-check your tax credits using Form 26AS.
2. How often is Form 26AS updated?
It is updated quarterly after TDS returns are filed by deductors.
3. What is the difference between Form 26AS and AIS?
Form 26AS shows tax details, while AIS shows complete financial transactions including income and investments.
4. Can errors in Form 26AS be corrected by me?
No, the deductor (like your employer or bank) must correct it.
5. Is Form 26AS password protected when downloaded?
Yes, the password is usually your date of birth in DDMMYYYY format.