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Form 26A|What is Form 26A | How to download Form 26A online | YES BANK

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The tax authorities store information on the income tax you pay or tax deducted from your salary or investment interest against your PAN. You can access this record through the Form 26AS form. It allows you to check if the taxes deducted by different entities are accurate. Before filing your income tax return (ITR), you can use this form to verify if you are furnishing the right information.

Hence, this form is an important document, and you need to know how to use it.

What is Form 26AS?

It is your annual tax statement issued by the income tax department. It contains details of your tax deducted at source (TDS), taxes you paid, refunds received, and other tax-related information. The form also acts as a consolidated record of your tax deductors and collectors. It shows their names, tax deduction account numbers (TAN), the amount of tax received, and more.

Why do you need Form 26AS?

You can refer to this form to view:

  • Your income on which taxes have been applied

  • Taxes you paid, including advance tax and self-assessment tax

  • Refunds you received in the relevant financial year

  • TDS on the sale of movable property or the rent of a property

  • TDS on the sale of an automobile

  • Specifics of your high-value financial transactions such as the purchase of the real estate, mutual funds, or corporate bonds

Thus, this comprehensive document serves the following purposes:

  • Provides evidence that TDS has been deducted and tax collected on your behalf

  • Acts as a record of the tax you paid yourself

  • Confirms that the entities which deducted tax from you have deposited the same into the government treasury

  • Helps you crosscheck tax credit data with the Form 16 your employer provides

Hence, your year-end tax credits reflect in your Form 26A income tax statement, and you can claim this in your ITR. You can then avoid tax demand notices under Section 143(1) and penalties from failure to declare any income. Also, if you use this form, you need not attach photocopies of your TDS certificates with your ITR. 

Processes for Form 26A download

Using your PAN, you can download the form -

  1. From the TRACES website

  2. Via the net banking service of authorized banks

Steps to download from the TRACES website:

  • Visit the government's e-filing website https://incometaxindiaefiling.gov.in.

  • Sign in to the account using the login credentials you registered to file your ITR (username, PAN Card, password)

  • Click on the "My Accounts" tab or the "Quick links" tab.

  • Select the option to view Form 26AS

  • Click on the 'Confirm' button to permit your transfer to the third-party operated TDS-CPC website.

  • Select the assessment year following the financial year for which you want the statement

  • View the form in the HTML format

  • Click on 'Export PDF' to download and save it as a PDF file.

  • Choose the 'Text' option in the 'View as' dropdown list to download in text format.

Form 26A download through net banking

If your bank has permission from NSDL, you can find the option to view this form on your net banking dashboard. Your PAN must be mapped to your bank account for you to see your Form 26A income tax credit statement via net banking.

Conclusion

Declaring wrong income details and failure to pay adequate taxes is a punishable offence. But now that you know what Form 26AS is and how it helps you verify your tax details, you can seamlessly download it and ensure correct ITR filing.

You can also visit YES BANK's website to know more about their Savings Account, NRI Savings Account and Fixed Deposit Accounts.

 

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