In order to promote transparency and simplifying the tax return filing process, CBDT vide Notification dated May 28, 2020 has amended Form 26AS vide Sec 285BB of Income Tax Act, 1961 r.w.r.114-I of Income Tax Rules, 1962 w.e.f. 01.06.2020. The new Form 26AS is an Annual Information Statement or AIS which will provide a complete profile of the taxpayer fora particular year.

Annual Information Statement FORM 26AS

  • Annual Information Statement or AIS is more comprehensive than the earlier Form 26AS as it will contain more information about financial transactions of taxpayers beyond the TDS and TCS transactions. The new Form 26AS will provide the following information about the Tax payer:

1. Mobile no., e-mail id, date of birth/ incorporation and Aadhar no.

2.  Information relating to tax deducted or collected at source.

3.  Information relating to specified financial transaction (Information of property and share transactions etc.)

4. Information relating to payment of taxes

5. Information relating to demand and refund.

6. Information relating to pending proceedings.

7. Information relating to completed proceedings.

8. Information received by Income Tax Department from any other country under the treaty/exchange of information about income or assets of the taxpayer located outside India.

9. Further an enabling provision has been notified empowering the CBDT to authorize DG Systems or any other officer to upload in this form, information received from any other officer, authority under any law. Thus any adverse action initiated or taken or found or order passed under any other law such as custom, GST, Benami Law etc. including information about Turnover, import, export etc. may be made a part of Form 26AS.

Note : Form 26AS can be viewed for assessment year 2009­10 onwards. Form 26 AS also shows current status of PAN (active/inactive/deleted).

How to view your form 26AS?

Tax Credit Statement (Form 26AS) can be viewed/accessed in three ways :

I.  View Tax Credit From https://www.incometaxindia.gov.in

Taxpayers who are registered at the above portal viz https://incometaxindiaefiling.govin can view 26AS by login using username and password. Clicking on View Form 26AS (Tax Credit)’ in ‘My account”, and then filling in required details like assessment year, date of birth/incorporation and verification code, the same can be viewed. The facility is available free of cost and registered user may use the link https://incometaxindiaefiling.gov.in for this purpose.

II. View Tax Credit (Form 26AS) from bank site through net banking facility

The facility is available to a PAN holder having net banking account with any of authorized banks*. View of Tax Credit Statement (Form 26AS) is available only if the PAN is mapped to that particular account. The facility is available free of cost.

Note: This option does not require any separate registration as the KYC of the taxpayer has already been done by the concerned bank.

III. View Tax Credit from https://www.tdscpc.gov.in For Resident Taxpayers:

A resident taxpayer first need to register on TRACES (https://tdscpc.gov.in). Then Form 26AS can be viewed by clicking on ‘View Tax Credit Statement (Form 26AS)’ after login as “Taxpayer’ and filling in required details like password and relevant assessment year.

For Non-Resident Taxpayers:

An NRI taxpayer can view tax credit from https://www.nri services.tdscpc.gov.in. NRI taxpayers first need to register at TRACES Portal. A request can be raised to view/download Form 26AS by clicking on ‘View Tax Credit Statement (Form 26AS)’ after login as “Taxpayer and filling in required details like password and relevant assessment year.

Form 26AS statement can be downloaded either as PDF/text/excel file or can be viewed as HTML.

All the web links referred here can also be accessed on the national website of Income Tax Department (www.incometaxindia.gov.in), where there is an option to view the tax credit – the user is taken to the e-filing website, internet banking or TRACES website based on the choice of the taxpayers to view his tax credit.

Note: For voluminous records, a request for downloading Form 26AS as text file, needs to be submitted at TRACES by the user.

Statement Transactions (SFT) Code

The transactions under Statement Transactions (SFT) Code which will get captured in New   Form 26AS include—

Sr. No Nature of Transaction Monetary Threshold of Transaction
1. Cash Payment or issuance of DD or Pay orders or any other Bank instruments In excess of Rs.10 Lacs in a F.Y.
2. Purchase of pre-paid instruments in cash Payment in cash aggregating to 10 lacs or more
3. Cash deposit/ withdrawal in current account aggregating to 50 lacs or more
4. Cash deposit in one or more accounts other than current account and time deposit aggregating to 10 lacs or more
5. Payment for credit card aggregating to 10 lacs or more
6. Payment for credit card Made by any person of an amount aggregating to 1 lac or more in cash or 10 lacs or more by any other mode
7. Purchase of debentures aggregating to 10 lacs or more
8. Purchase of shares (including share application money) aggregating to 10 lacs Or more
9. Buy back of shares aggregating to 10 lacs Or more
10. Purchase of mutual fund units aggregating to 10 lacs or more
11. Purchase of foreign currency aggregating to 10 lacs Or more
12. Purchase or sale of immovable property 30 Lacs (individual transaction)
13. Cash payment for goods and services 2 Lacs (individual transaction)
14. Cash deposits during specified period (9th Nov to 31st Dec, 2016) (a) Rs. 12.5 Lacs or more in one or more current account of a person, or

(b) Rs. 2.5 lacs or more in one or more account other than current account of a person

For any clarification regarding form 26AS, contact the authorities as mentioned below:

Part of the Form 26AS Part of the Form 26AS
A, A1&A2 Deductor
B Collector
C Assensing officer/ Bank
D Assensing officer/ITR-CPC
E Concerned AIR filer
F NSDL/Concerned Bank Branch
G

Usefulness of Tax Credit Statements (Form 26AS)

  • 26AS enables view of all financial transaction involving TDS/TCS/SFT during the relevent Financial Year at one place.
  • Give details of No/Lower deductions claimed by the taxpayer.
  • Helps in claim of other taxes paid by the taxpayer and computation of income at the time of filing of return of income.
  • Helps in seamless processing of Income Tax Return and speedy issue of refunds.
  • Verification of refunds encashed during the financial year.
  •  Verification of C IN in non-TDS payments.
  • Helps taxpayer to view the tax demand created by the Income Tax Department for necessary follow up.
  • Facility to verify the TDS certificate (Form 16A) after entering the unique seven character TDS certificate number.
  • Status of PAN.
  • Comprehensive view of TDS defaults relating to all the TANs associated with a PAN.

Helps in compliance of Section 40(a)(ia) of Income Tax Act and preparation ofAudit Reports in Form 3CD.

Other details as specified in 1st page of this Brochure will help the taxpayer in filing of his ITR

The reasons for not finding your tax-credits in 26AS can be

(1) Tax collected by deductor not deposited in govt account.

(2) TDS Return not filed by deductor.

(3) Statement of tax deduction not filed with TDS Return.

(4) Statement of tax deduction filed with wrong PAN which is not yours.

Usefulness of Tax Credit Statements (Form 26AS)

Follow up with deductor to –

  • Ensure that correct PAN has been intimated to the deductor.
  • Ensure that the deductor has deposited tax deducted. Regular view of 26AS by the tax payer helps in timely follow up with the deductors.
  • Taxpayer can use “View TDS/TCS credit” facility using the link https://www.tdscpc.gov.in/app/ tapn/tdscscredit.xhtml to know whether the deductor/collector has filed quarterly TDS/TCS statement provided the PAN and the count on records present.

Taxpayer can also raise a grievance at “Taxpayer Grievance Module” on TRACES.

Taxpayer Grievance Module

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