Form 26AS - What Is The Meaning Of Form 26AS And Its Importance | HRMantra HR Software

Form 26AS - What Is The Meaning Of Form 26AS And Its Importance | HRMantra HR Software

5-6 minutes

Definition of Form 26AS

Form 26AS is generally issued as an annual consolidated tax statement by the Income Tax Department in India. It paints a clear picture of all the tax-related information linked to a person''s PAN (Permanent Account Number) for a financial year.

Form 26AS is an important document, and very often, employees have several doubts about it. In such a scenario, an HR professional must be very well aware and prepared to clear their doubts.

So let''s dive in and learn everything about Form 26AS.

Let''s explore:

• What is Form 26AS?
• Importance of Form 26AS
• Information Available on Form 26AS
• How to Get Form 26AS Online?

What is Form 26AS?

Form 26AS, also known as the Tax Credit Statement, is one of the key documents in India''s taxation system. It provides a brief overview to the individual about his/her tax—meaning the different sources of income and the tax deductions and credits of an individual like TDS and TCS.

Needless to say, Form 26AS is a great tool for taxpayers to analyze/reconcile their tax liabilities and file income tax returns.

Importance of Form 26AS

Form 26AS assumes a great deal of importance in Indian taxes. It is a consolidated yearly tax account that contains an employee''s income, expenses, and financial activities.

This document is deemed very crucial for a number of reasons:

• It assists people in reconciling data regarding TDS and TCS with actual income.
• It facilitates income tax returns by providing the entire view of all the information linked to taxes.
• It reduces tax evasion—ensuring payment of taxes is lowered and the number of tax cases is also reduced.

Form 26AS is an excellent tool for both assesses and tax authorities. It makes the tax system more open and transparent.

Information Available on Form 26AS

The following information is available on Form 26AS:

• Particulars of deducted tax
• Sources of tax collection information
• Advance tax paid by the person
• Tax paid by self-assessment
• Regular assessment tax paid
• Information of income tax refund during the fiscal year
• Information of high-value transactions
• Information of taxes deducted on sale of any immovable property
• List of TDS mistakes that were made during the year
• Information about turnover shown in GSTR-3B

How to Get Form 26AS Online?

Here is the step-by-step procedure to download Form 26AS quickly:

1. Log in: First, log on to the page https://www.incometax.gov.in/iec/foportal/ which is the ""e-Filing"" Portal of the Income Tax Department.
2. Navigate: On the ""e-Filing"" Portal, under the ""e-file"" tab, click ""Income Tax Returns"" and select ""View Form 26AS"".
3. View: On clicking ""View Form 26AS"", you will view a disclaimer. Read it and click the ""Confirm"" button. You will be redirected to the TDS-CPC Portal, which stands for Centralized Processing Center.
4. Agree: You will be asked to agree to the acceptance of usage in the TDS-CPC Portal. Click the ""Proceed"" button.
5. Access: You can access the TDS-CPC Portal once you have accepted the terms of service. Look for the ''View Tax Credit (Form 26AS)'' option and click on it.
6. Choose an item: Click on the ""Assessment Year"", that is, the year towards which you want to view Form 26AS. Other than this, you can view the type you wish. This can be HTML, Text, or PDF.
7. View or Download: Choose the ""View / Download"" option. Here you have to decide whether you want to view Form 26AS online or download it.

You are now empowered to assist employees and answer employee queries regarding Form 26AS.

HRMantra offers a hearty employee self-service portal that enables the employee to secure vital documents from any location at any time and ensures the terms are understood with zero dependency on anyone.

With Form 26AS insights by your side and HRMantra to your rescue, be the king/queen of HR and taxation with ease.

FAQs

How to Get Form 16 Online?
Any company can easily download Form 16 through the portal of TRACES, https://www.tdscpc.gov.in/app/login.xhtml.

How to Download Form 16 Using PAN Number?
Log in to the Income Tax Department website with the required details, including your PAN. After logging in, go to the ""Downloads"" tab and click on ""Form 16"". Select the assessment year; cross-check the name and PAN details; fill in the TDS ID No. and date of TDS.
Once you have submitted Form 16 for download, click the ""Downloads"" tab and select ""Requested Downloads."" Obtain the files in HTML or PDF format at the click of a button.

Where to Get Form 16?
Quite simply, log in to the website of Income Tax e-Filing. Under ""Downloads,"" select the required ITR utility and fill in the information asked for in the ITR form. Check all the tabs and compute the tax. Generate the data into an XML sheet. Finally, upload the XML file on the ITR e-filing website.

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