Income Tax News: The season for filing income tax returns has begun. Salaried individuals and taxpayers are preparing their taxes and investments for current fiscal year in addition to the tax filing process. Basically, the goal of every taxpayer is to find ways to pay less in taxes during a specific fiscal year.
Introduction to Form 26AS
The Income Tax Department must upload annual statements in new form 26AS, which include information about Tax Credits in a taxpayer’s account according to the department’s records, before filing income tax returns. Under Rule 114I of the Income Tax Act, 1961 (Rule 31AB has been deleted with effect from June 1, 2020), it is required to prepare traces of Form 26AS.
The complete summary of an individual’s or entity’s income, taxes deducted at source (TDS), taxes paid, and other pertinent data is found on Form 26AS. By signing into their online account with the Income Tax Department, taxpayers can obtain Form 26AS.
Downloading Form 26AS from the TRACES Website
The only place to download Form 26AS is from the TRACES website. TDS Reconciliation Analysis and Correction Enabling System is known as TRACES. You can download Form 26AS straight from the internet and access your TRACES account by logging in with your login ID and password. Otherwise, Form 26AS from TRACES can be downloaded by logging into the income tax e-filing system.
Here is the process
- Enter your registered user ID and password to access your Income Tax e-filing account when you visit the Income Tax e-filing portal.
- Click the “e-File” link located at the top of the landing page.
- To view Form 26AS, navigate to the “Income Tax Return” menu in e-File and select it.
- By clicking “Confirm,” you accept the terms and conditions for using the TRACES website and are taken to the website.
- “View Tax Credit (Form 26AS/Annual Tax Statement)” should be selected.
- Select your preferred file type (text or HTML) and assessment year. Click on “View/Download” after selecting “HTML” to view all TDS transactions.
- You may then view all of your TDS transactions and download the form by selecting “Export as PDF.”
Form 26AS Requirement for PAN Cardholders
Form 26AS needs to be submitted by any PAN cardholder who received a specific kind of income during a fiscal year. Payrollers, pensioners, investors earning interest on savings accounts or fixed deposits, rent recipients, capital gains traders, dividend payers, and any other income from which the taxpayer has deducted tax at source (TDS) will all fall under this category.
