Form 26AS – Prior to actually submitting your ITR, it is advised that you still see your 26AS to verify the amount of tax you have deposited in your account with the income tax department. Among the easiest ways to do the same would be through your internet banking account, which would be completely free of charge.
Form 26AS is the compiled annual statement prepared by the Income Tax Department. It includes the tax credit details of each taxpayer toward his or her PAN.
If you have paid some tax on your income or tax which has been subtracted from it, the IT Department would have these reports in its Form 26AS database.
For NRIs, if any revenue in India like Interest on the NGO account or any wage income and TDS has been subtracted from it, then to obtain tax credit and see Form 26AS, one must file underneath the IT Department and also have PAN.
Information in form 26 AS:
- Details on Tax Deducted at source via deductors such as employers. [TDS], .
- Details regarding the tax collected at Source by the collectors. [TSC]
- Advance fee/self-assessment tax paid by the assessor.
- Information of the tax refund (if there are any) issued by the department in the previous FY.
- Annual Information Returns (AIR) numbers, mainly of high-value trades involving shares, mutual funds, etc.
- Interest obtained from the bank and others without subtracting TDS in the case of Type 15G/H.
If there is some discrepancy in information with Form 26AS?
Any circumstances which exist where the TDS asserted by you in the Income Tax Return varies from Form 26AS.
The explanation for this discrepancy may be like the deductor’s inability to deposit TDS before the deadline or not able to file TDS returns, the deductor’s quote of the incorrect PAN, etc.
The A.O in this situation, may not be entitled to take credit for taxes already charged (in plain terms, only TDS will be approved by A.O as alluded to in your Form 26AS) and this may result in the paying of double taxes, penalty interest can even be imposed on you for latency in tax payment, etc.
So, in those situations, what to do? You just ought to alert the deductor of such an error to have it immediately corrected.
How to view Form 26AS
Below are the methods to be implemented via internet banking to view your 26AS.
Please visit http://contents.tdscpc.gov.in/fr/netbanking.html
Or login to the bank’s Internet banking page using the Internet banking login details.
To access your Form 26AS, press the ‘Tax Credit Statement’ or ‘TRACES (26AS) Services’ option.
Why is Form 26AS important?
Following are among the few reasons why Type 26AS is significant:
- You should verify if the deductor has properly filled out the TDS statement or if the collector has properly filled out the specifics of the tax collected at Source (TCS). The form includes all the specifics of the tax withheld and paid on your side.
- You can also verify if the tax withheld and received on behalf of you has been billed to the government account before the deadline.
- Prior to actually filing your income tax return, you can review the tax deductions and determine the income tax.