Definition of Form 26AS
The Income Tax Department in India sends out Form 26AS, which is typically a combined tax statement of a year. It gives a clear picture of all the tax-related details connected to a person’s PAN (Permanent Account Number) for a financial year.
Form 26AS is an important document and often employees have several doubts about it. In such a scenario, an HR professional should be well aware and ready to clear their doubts.
So, let’s dive in and learn everything about Form 23 AS.
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 called the Tax Credit Statement, is a vital part of India’s tax system. It gives an individual a quick summary of his/her tax such as the different sources of income, tax deductions, and credits, such as 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
In the world of Indian taxes, Form 26AS is very important. It’s like a consolidated yearly tax account that lists all of an employee’s income, expenses, and financial activities.
This document is very important for many reasons.
First, it helps people make sure that the TDS (Tax Deducted at Source) and TCS (Tax Collected at Source) data match up with their real income.
Second, it makes income tax returns easier by giving a complete picture of all the data that is connected to taxes.
Third, it cuts down tax fraud, making sure people pay their taxes, and lowers the number of tax conflicts.
Form 26AS is a very useful tool for both individuals and tax officials. It makes the tax system more open and accountable.
Information Available on Form 26AS
Following information are found on Form 26AS-
- Information about deducted tax
- Information of tax collection sources
- Advance tax paid by the person
- Tax payments made by self-assessment
- Regular assessment tax paid
- Information of income tax refund during the fiscal year
- Information of transactions that are considered high value
- 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 a step-by-step process for quick form 26AS download:
● Login:
To begin, go to https://www.incometax.gov.in/iec/foportal/, which is the official “e-Filing” Portal of the Income Tax Department.
● Navigate:
Find the “e-file” area on the “e-Filing” Portal, click on “Income Tax Returns” and select “View Form 26AS”.
● Read:
You will see a disclaimer when you click on “View Form 26AS.” Read it and click the “Confirm” button. You will be taken to the TDS-CPC (Centralized Processing Center) Portal.
● Agree:
You will be asked to agree the acceptance of usage in the TDS-CPC Portal. Click the “Proceed” button.
● Access:
You will be able to use the TDS-CPC Portal once you agree to the terms of service. Find the “View Tax Credit (Form 26AS)” option and click on it.
● Choose:
Click on the “Assessment Year”, i.e. the year for which you want to see Form 26AS. Besides that, you can pick the “View type” you want, which can be HTML, Text, or PDF.
● View or Download:
Choose the “View / Download” option. Here you will have to choose whether you must view Form 26AS online or download it.
There you go!
You are now well-equipped to help employees and answer their queries related to Form 26AS.
HROne comes with a powerful employee self-service portal to empower employees to access vital documents anywhere, anytime, and understand the terms with zero dependence on anyone.
So, with Form 26AS insights at your fingertips and HROne by your side, you are just ready to tackle the world of HR and taxation with flair.
FAQs
– How to Get Form 16 Online?
Through the TRACES portal (https://www.tdscpc.gov.in/app/login.xhtml), a company can easily download Form 16.
– How to Download Form 16 Using Pan Number?
Go to the Income Tax Department’s TRACES website and enter the required details including the PAN. Once you’re logged in, go to the “Downloads” tab and choose “Form 16. Select the year of assessment, cross-check the name and PAN information, fill in the TDS ID number, and choose the date of TDS.
Once you have submitted Form 16 for download, click on the “Downloads” tab and choose “Requested Downloads. Get the files in HTTP or PDF format in a click.
– Where to Get Form 16?
First things first, go to the Income Tax e-Filing website. Under “Downloads,” choose the ITR utility that you need and fill in the information asked on the ITR form. Check all the tabs and compute the tax. Generate data into an XML sheet. Lastly, upload the XML file on the ITR e-filing website.