Form 26AS : How to View and Download Your Tax Credit Statement

How to View and Download Form 26AS. In the previous article, we have given Forms 15G and 15H to Save TDS on Interest Income and How to Calculate TDS on Salary. Today we are discussing how to view form 26 as and download at incometaxindiaefiling.gov.in. What is Tax Credit? Tax credit is an amount that offsets the overall tax liability of a person. It is basically the sum that can be subtracted from the total payable tax by an individual. Tax credits are different from deductions as deductions are applicable indirectly, i.e. they help in reducing the base taxable amount of an individual, whereas tax credits directly reduce the amount of liability irrespective of the base tax liability of the tax player.

Income Tax Credit:

Income tax credit is a popular form of tax credit. If an individual is invariably charged more tax than their actual liabilities due to various factors, then the excess amount is available as tax credit to the individual. This credit can be adjusted against future tax liabilities in an absolute manner, i.e. the credit is entirely deducted from the payable tax amount regardless of the individual’s tax bracket or liabilities.

Input Tax Credit:

Input tax credit is available for manufacturers and dealers. These taxpayers are entitled to tax credit on inputs purchased through the course of manufacture. Similarly a trader will receive input tax credit on goods purchased for the purpose of reselling. The tax credits are available on capital goods purchases made within the state, and only those goods that are involved in the processing or manufacture are applicable under this credit.

This tax credit is state-specific. If the final product is sold outside the state of manufacture, the input tax credit has to be reversed to authorities. Also, if the final product has tax exemptions, the input tax credit will not be applicable. The tax credit is usually spread over a period of 3 years, however, rules vary according to individual states.

26AS Tax Credit:

The 26AS is a form available from the Income Tax Department which allows individuals to view their personal tax credit statements. This form consists of the following information:

Tax deduction details done by deductors on taxpayer’s income
Tax collection details from collectors
Regular assessment tax/ advance tax/ self-assessment tax etc. deposited by PAN holders.
Paid refund details in a financial year
Details pertaining to high-value transactions in instruments such as mutual funds, equities etc.

A valid PAN number is must to view the tax credit statement.

State tax credit:

Approximately 43 states provide a variety of special incentive programs that utilize state tax credits. These include Brownfield credits, Film Production credits, Renewable energy credits, Historic Preservation credits and others. The amount of credit, the term of credit and the cost of the credit differs from state to state. These credits can be either in the form of a certificate, which can be purchased as an asset, or in a more traditional pass-through entity. The tax credits can generally be used against insurance company premium tax, bank tax and income tax.

Child Tax Credit:

There are no specific laws regarding child tax credits in India. However, there are various exemptions and deductions that can be claimed if you have a child.

Foreign Tax Credit:

Foreign tax credit is available to Indians as per the Double Taxation Avoidance Agreement (DTAA), which India maintains with more than 80 countries worldwide. According to this agreement, if you are a resident Indian with income from abroad, you will be levied taxes in both the countries. To avoid double payment, DTAA allows for tax credits in the country of residence if the host country has deducted TDS on income. This credit can then be used to reduce the amount of payable tax in the country.

How to download & view Form 26AS through the TRACES website

Step 1

Go to https://incometaxindiaefiling.gov.in and Login using your income tax department login & password. If you don’t have an account, you’ll need to Register first (see the button on top of LOGIN).

Step 2

Enter your PAN number (User ID), password, and date of birth/date of incorporation in DD/MM/YYYY format. And enter the captcha code. Now click on LOGIN.

Step 3

The following screen will appear. Click on ‘View Form 26AS (Tax Credit)’ at My Account section.

Step 4

Click on ‘Confirm’ so that you are redirected to the TRACES website. (Don’t worry, this is a necessary step and is completely safe since it is a government website).

Step 5

You are now on the 26 as traces (TDS-CPC) website. Select the box on the screen and click on ‘Proceed’.

Step 6

Click on the link at the bottom of the page – ‘Click View Tax Credit (Form 26AS) to view your Form 26AS’.

Step 7

Choose the Assessment Year and the format in which you want to see the Form 26-AS. If you want to see it online, leave the format as HTML. If you would like to download a PDF for future reference, choose PDF. After you have made your choice, click on ‘View/Download’.

Step 8

To open the document you have to enter a password. Form 26AS password is your DOB in DDMMYYY format. Your Income Tax Form 26AS will be shown!

View 26AS via Net Banking of your Bank Account

This facility is available to a PAN holder having Net Banking account with any of authorized 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.

Step – 1

To view 26as: visit http://contents.tdscpc.gov.in/en/netbanking.html

Step – 2

Click on the bank with which you have internet banking facility and your PAN have been mapped correctly.

Step – 3

After clicking on the concerned bank name, a screen will appear that will prompt you to go to bank’s website.

Step – 4

Step – 5

Click on “Tax Credit Statement” to view details.

Parts of Form 26AS

A Form 26AS contains the following parts:

Part A: Details of Tax Deducted at Source

Part A1: Details of Tax Deducted at Source for Form 15G/Form 15H
Part A2: Details of Tax Deducted at Source on sale of Immovable Property u/s194(IA) (For seller of Property)

Part B: Details of Tax Collected at Source
Part C: Details of Tax Paid (Other than TDS or TCS)
Part D: Details of Paid Refund
Part E: Details of AIR Transaction
Part F: Details of Tax Deducted on sale of immovable property u/s194IA (For Buyer of property)
Part G: TDS Defaults* (processing of defaults)

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