What are TRACES?



Expanded abbreviation – TDS reconciliation analysis and correction enabling system

It is a utility provided by the Income Tax Department for a Taxpayer and the deductor/collector to check online the taxes paid by them & reconcile the records for final filing of IT returns or seeking refunds from the Income Tax Department.

You can view / download Form 26AS from the TRACES portal

Form 26AS shows you the following information

Tax deducted at source by all deductor who deducted TDS from your income

The tax collected at source by all collectors who collected TCS from your invoices or sales

Advance tax paid by the taxpayer 

Self-assessment tax payments

Details of Income from high-value transactions

Form 26AS has a prescribed format with different parts which can be easily read & understood

Part A – Details of TDS

Part A1 – Details of TDS arrived from Form 15G and 15H

Part A2 – Details of TDS from high-value transactions

Part B – Details of TCS

Part C – Details of tax paid (other than TDS or TCS)

Part D – Details of refunds (if any)

Part E – A detailed Statement of Financial Transactions

Part F – Details of TDS on sale of immovable property, rental income, contract & professional income

Part G – TDS defaults

Part H – Turnover details from GSTR – 3B

Form 26AS is your Tax Credit Statement by Income Tax Department available for you at TRACES