All about form 26AS: Annual Tax credit statement
What is Form 26AS?
Form 26AS is a consolidated tax statement issued by IT department which shows the tax payments received by the government and credited to your account. All the tax payments made by you or on your behalf either by your employer or any other person should be reflected in your 26AS.
What it contains?
Tax credit statement 26AS contains the following info:
Part A: Details of Tax Deducted at Source (TDS)
Part A1: Details of TDS for 15G/15H
Part A2: Details of TDS on sale of immovable property
Part B: Details of Tax Collected at Source (TCS)
Part C: Details of tax paid like Advance tax, self assessment tax or regular assessment
Part D: Details of paid Refunds
Part E: Details of AIR transactions
How is 26AS Tax Credit Statement useful to you?
It is a very useful tool to confirm whether the;-
- Tax deducted by the deductor has been duly deposited to the government.
- Bank has properly furnished the details of the tax deposited on your account.
- The deductor/collector has correctly filed the TDS/TCS statement giving details of the tax deducted/collected on your behalf;
For e.g. if you are a salaried person and your employer has paid Rs. 2000 00 Tax by way of TDS on your salary and you also have paid self assessment tax say Rs. 20000 on your FD interest then the same should be duly reflected in your 26AS.
Can there be variation in tax credit as shown in 26 AS and your form 16?
Yes, It may happen due to varied reasons as follows:-
- Your employer or Deductor/collector has not filed his TDS/TCS statement
- Your PAN is not provided to the deductor/collector; or incorrect PAN was furnished
- There was an error by the deductor/collector in quoting your PAN while filing TDS/TCS return
- Your PAN was not quoted at all.
- Challan details wrongly quoted either by the deductor or wrongly uploaded by the bank.
What to do in case of variation?
You need to contact your employer/ bank or any a person being the deductor who actually has deducted and deposited tax incorrectly on your account. They need to “Revise” their TDS Return. You need to wait till they revise the same and till it starts showing in your form 26AS. Otherwise, there could be an issue of tax demand notice from IT department.
How to view Form 26AS Online?
Option 1: By registering yourself at the IT department’s website i.e. www.incometaxindiaefiling.gov.in , this is an instant process and available free of cost.
Option 2: Through the net banking facility provided by your bank;
Option 3: You can also register through NSDL website i.e. https://www.tin-nsdl.com/
Many taxpayers are receiving income tax notices asking them to pay tax in spite of the same being already paid, so please check your 26AS now and set your tax figures right before you file your tax returns.