Form 26AS is a comprehensive yearly tax report that contains information on tax deducted at source, taxes collected at source, self-assessment tax, and advance tax paid by the taxpayer on his/her PAN (Permanent Account Number). It also contains details about the sale and purchase of property, fixed deposits, mutual funds, etc. At the time of submission of income tax return, the taxpayer can claim the benefit of all these taxes already paid by them.
Did You Know: The Annual Information Statement was launched on November 1, 2021.
Key Components of Form 26AS:
Form 26AS comprises the following components:
- Tax deducted at source (TDS)
- Tax is collected at the point of sale (TCS)
- Tax details, including advance tax and self-assessment tax paid
- Information about the income tax refund
- Details of the tax deducted on the sale of real estate
- Transactions involving AIR
Steps to access your Form 26AS:
- At the start, visit the website https://eportal.incometax.gov.in/
- Click on login & enter your PAN (ID) and password.
- After login click on the e-file tab then Income Tax Return. There will be an option for viewing Form 26AS.
- After clicking on Confirm it will take you to the website of traces.
- On the website, an option to proceed will be there, click on the option to view Form 26AS.
- Select the assessment year & method in which you want to download the 26AS i.e., Text or HTML.
- After clicking on HTML click on save to download it in pdf format.
Given below are the various steps to be followed in order to convert the Form 26AS file to excel
- Open the downloaded text file & select the complete text & copy.
- Paste the selected text in Microsoft excel.
- Then select the entire first column “A” in the worksheet then select the data tab in excel then select option text to column.
- Then click on delimited & click on next.
- Then select other then place ^ in the box then click on next.
- Then click on finish & it will be converted to excel.
Importance of Form 26AS:
- Form 26AS is a consolidated statement issued under Section 203AA of Income Tax Act and rule of 31AB of Income Tax rules to the PAN number holders. The form is one of the most important Income Tax documents for a taxpayer.
- Provides evidence that tax has been deducted and collected on your behalf.
- Provides a document of the tax paid by you to your annual Income tax return.
- Confirms that the correct tax has been deducted by distinct entities and deposited by the deductor into the account of the government.
- Confirms that the financial institution has properly provided the information of the tax deposited by you.
- With this form, a taxpayer isn't required to attach a photocopy of TDS certificates alongside their Income-tax return. It is important to check Form 26AS very well earlier than filing the Income Tax Return to avoid the call for notices and penalties from the Income Tax Department and additionally permit for fast processing of your return.
Form 26AS is one of the most important forms these days as it serves as proof for the deduction of TDS and helps you in filing your Income Tax Return. We hope the article has provided you with in-depth knowledge about 26AS and how to download and convert the same into excel. Follow KhataBook App for the latest updates, news blogs, and articles related to micro, small and medium businesses (MSMEs), business tips, income tax, GST, salary, and accounting.