written by | March 10, 2022

The Procedure of Converting Form 26AS Text File to Excel File

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

Also read: How to View & Download Form 26as from The Traces Website?

Steps to access your Form 26AS:

  1. At the start, visit the website https://eportal.incometax.gov.in/            
  2. Click on login & enter your PAN (ID) and password.
  3.  After login click on the e-file tab then Income Tax Return. There will be an option for viewing Form 26AS.
  4. After clicking on Confirm it will take you to the website of traces.
  5. On the website, an option to proceed will be there, click on the option to view Form 26AS.
  6. Select the assessment year & method in which you want to download the 26AS i.e., Text or HTML.
  7. 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

  1. Open the downloaded text file & select the complete text & copy.
  2. Paste the selected text in Microsoft excel.
  3. Then select the entire first column “A” in the worksheet then select the data tab in excel then select option text to column.
  4. Then click on delimited & click on next.
  5. Then select other then place ^ in the box then click on next.
  6. Then click on finish & it will be converted to excel.

Also read: Step-by-Step Guide for E-Verifying Your Income Tax Return

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.

Conclusion: 

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.

FAQs

Q: Are the purchase and sale of property details also reflected in 26AS?

Ans:

Yes, the details of purchase and sale of property details are also reflected in 26AS.

Q: Can the 26AS file be converted into an excel file?

Ans:

Yes, 26AS files downloaded online can be converted into an excel file.

Q: What’s the difference between the transaction date and date of booking in Form 26AS?

Ans:

The credit or payment date, whichever is sooner, is referred to as the transaction date. The date on which the TDS return is processed and the amount booked in Form 26AS is referred to as the date of booking. This date will be after the TDS return has been submitted.

Q: When form 26AS is available?

Ans:

When the income tax department processes TDS returns, Form 26AS is updated. As a result, the deadline for filing a TDS return for the fourth quarter is May 31st. In addition, the TDS refund is processed in seven days. Form 26AS is updated with the most recent amount of TDS reported against your PAN once the procedure is done.

Q: How to get Form 26AS online without doing registration?

Ans:

You must first register to access or download Form 26AS from the income tax e-filing system. However, if you want to download without logging in, you can do so using an authorised bank's net banking service. To see if your bank is permitted to provide Form 26AS, go to www.incometax.gov.in and check. On the home page, go to the 'e-File' tab and pick 'Income Tax Returns' from the drop-down menu, then 'View Form 26AS.' The user will be taken to the TRACES Portal after reading the disclaimer and clicking 'Confirm.' Accept the terms of service and click the 'Proceed' button. Select 'View tax credit (Form 26AS)' from the drop-down menu. Choose HTML as the 'View type' and the assessment year. Select 'View/download' from the drop-down menu. The screen will display Form 26AS.

Q: What’s the procedure to view Form 26AS?

Ans:

Form 26as is available on the TRACES official website, where you can view and download it. If your PAN card is linked to a bank account, you can access your tax credit statements using your internet banking account. However, there are a few banks that have registered with the NSDL to provide a Tax Credit Statement view.  To download the form 26AS via your internet banking account, you must first view the list of those banks.

Q: What’s the purpose of Form 26AS?

Ans:

Form 26as is required since it proves that tax has been deducted and collected on our behalf. It also confirms that our companies and banks have deducted the correct taxes on our behalf and deposited them into the government's account.

Q: Who provides Form 26as?

Ans:

The Income Tax department keeps track of every taxpayer's tax payments and refunds against earnings for a given fiscal year. To examine the record of income tax declaration provided by the Income Tax Department under section 203AA of the Income Tax Act, you can access and download form 26as from the Income Tax Department's official website or via your bank's net-banking account.

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