Form 26AS of Income Tax

Last Updated On: April 26, 2019, 7:29 p.m.
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Form 26AS of Income Tax

The Income Tax Department has provided us with proper facility to view the Tax Credit statement (i.e. details of all the tax credited) online referred to as Form 26AS. IT Department has conjointly  guided us to envision the Tax Credit before filing Income Tax Returns. But, Tax Credit Statement will solely be verified with relevancy FY 2005-06 ahead. Form 26AS is an Annual Tax Statement containing details of all the taxes credited in the name of the assessee. The form is accessible on the Income Tax Department web site & is updated regularly by them.

Form 26AS contains the details of:

  • Tax Deducted at Source(TDS)
  • Tax Collected at Source(TCS)
  • Payment of Advance Tax, Self-Assessment Tax and Regular Assessment Tax.
  • Payment of refund during the financial year.
  • High end/value transactions in respect of shares, mutual funds etc.

Steps to view Form 26AS

  • Log in to Income Tax department website (www.incometaxindia.gov.in) & get yourself registered there.
  • After registering, log in to the user ID.
  • Click on My Account tab.
  • You will see an option for Tax Credit Statement.
  • Then click on Form 26AS.
  • The new screen can seen where you've got to select the Assessment year.
  • Enter your date of birth & capcha code in order to view the statement.
  • Then, it'll redirect you to the NSDL web site where you've got to press the confirm button.
  • You will be re-directed to your Form 26AS.
  • Please bear in mind that Assessment year is one year prior to the year.

Why is Form 26AS important?

Form 26AS is an annual consolidated credit statement issued with regards to your PAN. Therefore, it is important that the tax payer should compare the Form 26AS with the Form 16 received from the employer. If there has been a tax deduction and it is not showing in your Form 26AS, it means either it has not been deposited or there was a delay in depositing the TDS deducted. In this case you should get in touch with your employer. Also, there are probabilities that the TDS has been deposited against a wrong PAN by mistake. Then it is your duty to get it corrected.

If there is a mismatch between the actual TDS deposited shown in Form 26AS and the what you are showing in your income tax return, the tax department can question you.

Also, suppose there was some interest income which you didn't show while filing tax return but bank has deducted TDS and deposited it with the tax department, then you may received notice from tax department for under reporting of income.

Therefore, it is always advisable to verify both Form 16 as well as Form 26AS for any discrepancies before filing tax returns.

How can you download Form 26AS?

You can download Form 26AS from Income Tax of India's website by logging in to your account if you have already registered on the website. If not, then you will need to first register yourself using your PAN.

After logging in, you can go to "My Account" and click on Form 26AS. It will direct you to TDS Reconciliation Analysis and Correction Enabling System (TRACES) website. There you will have to select the assessment year for which you need to see the form 26AS and in which form you would like to see it.

The password for opening the Form 26As is your date of birth written in the DDMMYYYY format.

What is the importance of Form 26AS in financial gain Tax?

A. Form 26AS is vital as a result, it helps you verify whether or not the government has received the TDS deducted from your financial gain or Advance Tax paid by you or not. Hence, it is counseled to refer Form 26AS before filing your legal instrument.

Q. Who issues Form 26AS?

A. The Income Tax Department of India issues Form 26AS.

Q. what's the password to open Form 26AS?

A. You don’t need a password any longer to open your Form 26AS. Earlier, the password required to open Form 26AS was in the following format: DDMMYYYY – Which is your date of birth as mentioned in your PAN card.

Q. What to do if the TDS which is deducted from your financial gain isn't reflective in Form 26AS?

A. You'll face this drawback as a result of your TDS deductor didn't file the TDS come. Hence, you must request him to do so.

Q. I even have paid Advance Tax or Self-assessment Tax. When will it reflect in my Form 26AS?

A. the small print of tax paid can replicate at intervals one to a pair of weeks of creating the payment.

Q. How to verify Form 26AS?

A. You can cross verify entries in your Form 26AS with documents like Form 16, Form 16A/B/C, Form 27D and tax payment challan etc. and vice-versa.

Q. How to get Form 26AS corrected?

A. If there is an error in the entries related to TDS, you should approach the respective deductor (which is your employer or the bank in most cases) to file a correction statement. In case of error within the entries associated with Self-assessment or Advance Tax payment, you should get help from your jurisdictional assessing officer.

Form 26AS contains all the tax-related info reflective against your PAN as per the info of the Income Tax Department. Hence, it is a crucial document that helps you in substantiating the Tax Credit details at the time of filing your tax return.

A slight mismatch between the information in the form and your declarations in the ITR may lead to a discrepancy. So, invariably refer the Form 26AS while filing.

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