customersuccess@taxmantra.com
+91 9230033070 
Toll Free: 
Contact Us
We all know that form 26AS is one wherein all tax related (TDS, TCS, Refund etc..) information in relation to a PAN is published by the government of India, thus in this article we would analyse -Â Is physical TDS certificate redundant after the applicability of form 26AS ? 
This is one sure shot way to know how much of your tax has been received by the government and is consolidated from multiple sources like your salary / pension / interest income etc. In theory, this is an excellent system, but in practice you often find that various TDS made from your income are not reflected against your PAN. This could be due to the fact that the bank or the other person deducting tax at source from your income either does not mention your PAN in the quarterly statement of tax deduction that it files, or makes an error in entering your PAN. In such a case, the only solution that you have is to approach the deductor and ask him to file a revised statement after correcting your PAN. Again, this is quite a task. Even after complaining what you might get is just an assurance that mistakes will be rectified, but in reality no one bothers to make the necessary corrections. In such a case, you can claim credit on the basis of the tax deduction certificate given by the tax deductor. Moreover, there can be instances when tax is deducted but not deposited to the credit of Central Government. In such a case, the entry is not reflected in form 26AS. Now what can a person do to claim the credit of tax deducted? Of course, you need to rely on the physical TDS certificate issued by the deductor. Now, suppose your case comes under scrutiny and while assessing your income, the assessing officer asks you to substantiate the credit of TDS taken with the help of necessary documents. What will you do in such a case? Form 26AS, after 2 years, might not be showing the relevant information as required by the tax department. What do you do in such cases? Well, pretty much you resort to physical TDS certificate. So, you will probably not undermine the importance of physical TDS certificate even in today’s online world where everything has been made quite convenient for us by the use of internet technologies. So, despite Form 26AS, one must insist on physical TDS certificate from the deductor. Thanks for reading for this article. Please feel free to write to us, We want to hear it all!Suggestions? Complaints? Feedback? Requests? at [info@taxmantra.com] or call us at +91 88208208 11. We would be more than happy to assist you.
Is physical TDS certificate redundant after the applicability of form 26AS?
Direct Taxes (including International Taxation) | By ALOK PATNIA | Last updated on Oct 5, 2017
We all know that form 26AS is one wherein all tax related (TDS, TCS, Refund etc..) information in relation to a PAN is published by the government of India, thus in this article we would analyse - Is physical TDS certificate redundant after the applicability of form 26AS ? This is one sure shot way to know how much of your tax has been received by the government and is consolidated from multiple sources like your salary / pension / interest income etc. In theory, this is an excellent system, but in practice you often find that various TDS made from your income are not reflected against your PAN. This could be due to the fact that the bank or the other person deducting tax at source from your income either does not mention your PAN in the quarterly statement of tax deduction that it files, or makes an error in entering your PAN. In such a case, the only solution that you have is to approach the deductor and ask him to file a revised statement after correcting your PAN. Again, this is quite a task. Even after complaining what you might get is just an assurance that mistakes will be rectified, but in reality no one bothers to make the necessary corrections. In such a case, you can claim credit on the basis of the tax deduction certificate given by the tax deductor. Moreover, there can be instances when tax is deducted but not deposited to the credit of Central Government. In such a case, the entry is not reflected in form 26AS. Now what can a person do to claim the credit of tax deducted? Of course, you need to rely on the physical TDS certificate issued by the deductor. Now, suppose your case comes under scrutiny and while assessing your income, the assessing officer asks you to substantiate the credit of TDS taken with the help of necessary documents. What will you do in such a case? Form 26AS, after 2 years, might not be showing the relevant information as required by the tax department. What do you do in such cases? Well, pretty much you resort to physical TDS certificate. So, you will probably not undermine the importance of physical TDS certificate even in today’s online world where everything has been made quite convenient for us by the use of internet technologies. So, despite Form 26AS, one must insist on physical TDS certificate from the deductor. Thanks for reading for this article. Please feel free to write to us, We want to hear it all!Suggestions? Complaints? Feedback? Requests? at [info@taxmantra.com] or call us at +91 88208208 11. We would be more than happy to assist you.