Form 26 AS and Form 16 are tax statements that show all the information related to the Tax. Form 26AS shows the comprehensive tax paid to the government from various sources whereas Form 16 is issued by the employer for TDS (Tax Deducted from Source) on Salary of an employee.
Form 26AS is a tax statement that shows all the details related to the tax associated with a particular PAN Card. It is a statement that shows your tax that the government has received from various sources. For Form 26AS view and download, a taxpayer can log in to Income Tax E-filing website.
Following are some of the Form 26AS details:
- It shows the tax deducted by the deductors on your income.
- It also shows the tax collected by the collectors.
- Advanced Tax paid by the taxpayer and self-assessment tax payments.
- It also shows the refund received by the taxpayer during the financial year.
- It also states the regular tax assessment deposited by the taxpayers.
- Details related to high-value transactions such as transactions in shares, debentures, mutual funds etc.
Form 26AS download can be completed by following the below-mentioned steps:
- Visit Income Tax India E-filing website.
- A taxpayer can log in to the website with PAN Card as User ID along with the password.
- If you don’t have an account on the website then you can register yourself using USER ID as your PAN Card and generating a password.
- Go to “My Account” option and Click on “View Form 26AS (Tax Credit)”.
- It will direct you to the Form 26AS Traces pages. Tick on the checkbox and click on proceed.
- You will get a link stating “View Tax Credit (Form 26AS)”, kindly click on the link. It will again direct you to a Form 26AS traces page where you can Form 26AS or export it as a PDF.
- Select the relevant Assessment Year and “HTML” in “View As” option then click on Export PDF for Form 26AS pdf download.
- Form 26AS password is the Date of Birth/Date of incorporation mentioned on the PAN Card.
Form 16 is again a tax statement that the employer issues to an employee that shows the TDS (Tax Deducted at Source). When the employer deducts the tax on salaries then the employer issues Form 16 as a certificate or proof that the tax on the salary of an employee has been deducted and submitted to the authorities on behalf of the employee. Form 16 has two parts i.e. Part A and Part B. These are explained below:
Part A of Form 16: It is generated as well as downloaded from the traces portal by the employer. It includes the details about the employee that the employer wishes to authenticate before proceeding for TDS on salaries. Part A of form 16 includes the basic details about the employee like name and address of the employee, PAN Card no. of the employee, TAN and PAN of the employer, summary of tax deducted and deposited quarterly etc. If an employee change job within a financial year then each employer will issue separate Part A of Form 16 to the employee.
Part B of Form 16: Part B if the annexure of Part A of Form 16. It shows the salary breakup, deductions under the Income Tax Act and Relief under section 89. If an employee change job within a financial then it is the employee who decides whether he/she wants Part B of Form 16 from the previous employer or from both the employers.