Income Tax return filing: What is the importance of Form 26AS and how to view it

Form 26AS includes a tax credit statement is an important document needed for Income Tax Return (ITR) filing. There are five section in Form 26AS, each depending upon the category of deductions and taxes paid. The first one would be part A and A1 of Form 26AS which have details of tax deducted on behalf of the taxpayer by deductors. The part B of the form contains information of tax collected by deductors. Then, there is part C of the document, intimating details of advance tax, self-assessment tax, regular assessment tax, etc. which are deposited by the taxpayers. Meanwhile, part D of the form gives details of paid refund received during a financial year, whereas the part E section provides data of high value transactions carried in shares, mutual funds, etc. Hence, it is of utmost importance, that you always view your tax credit statement to rectify tax deducted from your income. 

According to Income Tax Act, every taxpayer who has a PAN card can view its tax credit statement aka Form 26AS. You can view this statement on TRACES, e-filing and even via net banking. Here’s how to do it!

TRACES:

Taxpayers can register on TRACES and login to their account to view Form 26AS from assessment year 2009-10 onward. Registration on TRACES is free of cost. 

Income Tax e-filing:

Login to Tax Payers registered on the e-filing portal can login on www.incometaxindiaefiling.gov.in. View Form 26AS by clicking on ‘View Form 26AS (Tax Credit)’ under ‘My Account’ or ‘Quick Link’. The facility is available free of cost.

To register as new user, click on ‘Register Yourself’ on the portal. The registration process is user-friendly and takes minimal time.

Net Banking:

This facility is available to a PAN holder having net banking account with any of authorised banks. View of Form 26AS is available only if the PAN is mapped to that particular account. The facility is available free of cost. Login to your bank's internet banking website and click on the option provided to view Form 26AS. If you are unable to view this option or unable to view Form 26AS, please connect with your bank to check if your PAN has been mapped correctly to your banking account.

Banks that allow to view tax credit statement are Allahabad Bank, Andhra Bank, Axis Bank, Bank of Baroda, Bank of India, Bank of Maharashtra, Canara Bank, Central Bank of India, Citibank, City Union Bank, Corporation Bank, Dena Bank, HDFC Bank, ICICI Bank, IDBI Bank, Indian Bank, IOB, Karnataka Bank, SBI, UCO Bank, Syndicate Bank, Federal Bank, Karur Vysya Bank, Saraswat Bank, Union Bank of India, United Bank of India, Vijaya Bank, Jammu & Kashmir Bank, PNB and Punjab & Sind Bank.

However, before viewing your tax credit statement make sure you have linked your valid PAN card which is also presented in TDS statements.