The Income Tax Department has now provided the facility to check the tax credit statement (Form 26AS) online and take corrective measures if needed. This may avoid a lot of inconvenience. “Form 26AS” is a consolidated tax statement issued under Rule 31 AB of Income Tax Rules to PAN holders. Form 26AS contains details of:

• Tax deducted and collected on behalf of taxpayers
• Advance tax/self assessment tax/regular assessment tax etc deposited by taxpayers (PAN holders)
• Payment of refund during the financial year
• High value transactions in respect of shares, mutual funds etc

How to view “Form 26AS”? Register for viewing Form 26AS on the website www.incometaxindia.gov.in. Registration is immediate, without any cost and does not obligate e-filing,

• After logging in click on My Account tab
• There will be an option View Your Tax Credit Statement (Form 26AS)
• It will take you to Date of Birth verification page
• In the next step it will ask your permission to be redirected to the NSDL site where you have to press the confirm button
• You will be re-directed to your Form 26AS and you can select the assessment year in the top right corner for which you want to see the details.
• Please remember that Assessment year is one year ahead of the financial year. For example for FY 2010 – 2011 the assessment year is 2011 –2012

Benefits of Form 26AS The credits available in the tax statement confirm that:

• the tax deducted/collected by the deductor/collector has been deposited to the account of the government;
• the deductor/collector has accurately filed the TDS/TCS statement giving details of the tax deducted/collected on your behalf;
• the bank has properly furnished the details of the tax deposited by the assessee.

Thus Form 26AS ensures correct credit for the tax paid or deducted. Further it helps to avoid demand notice from the Income Tax Department and ensures seamless processing of returns at the Income Tax Department and speedy issue of refunds. Tax Returns for Financial Year 2010 -11 (March 2011) has started.  Just mail us Form16/ Salary Certificate and details of other income, at info@taxmantra.com . We would take it from there to file your return of income. Taxmantra.com provides complete online taxation solutions for individuals ( Tax Returns + Tax Support + Tax Planning ) – please see this – Services Offered. Taxmantra.com- Providing Complete Online Tax Solutions for Individuals, Not Just Returns .