Individuals can view their tax credit online- Form 26AS

Form 26AS is a consolidated tax statement issued by the Income Tax department with respect to the details of total tax credited in the name of the assessee in a financial year. It includes the details of Tax Deducted at Source (TDS), Tax Collected at Source (TCS) and Taxes Paid by the assessee. Form 26AS will be available only with respect to Financial Year 05-06 onwards. The Form is divided into three parts, namely Part A, B and C which contain the following details:

  • Part A displays details of tax which has been deducted at source (TDS) by each deductor who have made payment to the assessee. It includes the details like, the deductor (name & TAN) along with details of tax deducted, date on which payment was effected, amount paid/credited, tax deducted from payments and deposited in the bank.
  • Part B displays details of tax collected at source (TCS) by the seller of specified goods at the time when these goods have been sold to the assessee. This part also includes the details regarding the seller and tax collected.
  • Part C displays details of income tax directly paid by the assessee like advance tax, self assessment tax and details of the challans through which the assessee have deposited these taxes in the bank.

The tax credit statement helps the assessee to confirm whether a)            The tax deducted/collected by the deductor/collector has been deposited to the account of the government b)            The deductor/collector has accurately filed the TDS/TCS statement giving details of the tax deducted/collected on behalf of the assessee c)            Bank has properly furnished the details of the tax deposited by the assessee. d)           The form will serve as a proof of tax deducted/collected and the tax directly paid by the assessee. It might be possible that actual tax credit in the name of the assessee may not reflect in the Form. This could be because of the following reasons: In case of TDS & TCS

  • Deductor/collector has not filed his TDS/TCS statement;
  • The assessee has not provided PAN or provide incorrect PAN to the deductor/collector;
  • The deductor/collector has not quoted the PAN;
  • The deductor/collector has made an error in quoting the PAN in the TDS/TCS return;
  • The details of challan against which the TDS/TCS deposited was wrongly quoted in the statement by the deductor or wrongly quoted in the challan details uploaded by the bank.

To rectify the above-mentioned errors the assessee may request the deductor to

  • File a TDS/TCS statement, if it has not been filed;
  • Rectify the PAN using a PAN correction statement in the TDS/TCS statement that has been already uploaded if it has made an error in the PAN quoted;
  • Furnish a correction statement if the deductor had filed a TDS/TCS statement which had mistake in the challan details;
  • Take up with the bank to rectify any mistake in the challan details uploaded by the bank.

In case of Tax Payment

  • PAN was not properly quoted in the tax payment challans
  • The bank has made error in entering the PAN while digitizing the challan data or
  • The bank has failed to upload the digitized information to TIN.

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