Tax Credit Statement(Form 26AS)
Though the concept of 26AS(Tax Credit Satement) was introduced long back still many of us are not
aware of 26AS. The Tax Credit or 26AS is an annual
Tax Credit Statement of each PAN holder showing various
as reported to Income Tax Department for a particular year:
- Tax deducted(TDS)/collected,
on our incomes. Like TDS by Banks on FD income, TDS on salary by
employer, TCS on Car purchase of a value more then 10.00 lacs and many others.
- Income Tax refund granted to us.
- Tax paid as self assessment tax or as Advance Tax or against any Demand.
- High value transaction(if any) reported by bank to Income Tax
Department. Most common is applying for shares at the time of issue.
- TDS(Tax deducted) on purchase of property.
view & Download Tax Credit Statement- 26AS?
Tax Credit-26AS is ultimately downloaded through TRACES only, however
there are three options to nevigate to TRACES or 26AS. Following are
the options through which 26AS can be downloaded. For the detailed Step
by Step process click on the corresponding link:
- By logging on to your net banking account - Click
Here to knoe How to View 26AS through Net Banking?
logging on to Income Tax department’s e-filing website - Click
here to know How to View 26AS through e-filing website of Income Tax
- By registering onto TRACES portal directly.
This option is not actually required unless you are a deductor or an
explorer. I have just provided the URL to TRACES through which log in
and then viewing of 26AS is to be done.
26AS can be downloaded using any of the above three options
however I feel that mostly people find it convenient to download 26AS
through net banking as generally net banking credentials are clear in
our mind and we dont struggle for the log-in details.
Another option to download through your e-filing account at Income Tax
portal is also pretty simple, you just need to remember your log-in
credientials to income tax e-filing portal. My experience is that most
of the people search for this just at the time of filing their Income
Tax Returns and thats the reason why 26AS from net banking feels more convenient.
How 26AS works & how is it useful?
The Mechanism of 26AS
someone deducts tax
on our income, he has to deposit the same in the government account against our
PAN. Thse details are updated in 26 AS
statement) which can be viewed online. We are allowed credit of only
taxes which are there in our 26 AS.
In a nut shell tax deducted against
our PAN must be visible in our 26AS, to make us eligible to claim the
same in our Income Tax Return.
Why is it important to Match 26AS?
helps us to know exactly how much TDS is deducted by our employer/
any other party. It makes us aware about the incomes reported
Bank/ any other party) to the Income Tax Department. The income
reported in our 26AS must always be reported and matched in the Income Tax
Unnecessary demand notice may be avoided by reporting incomes
already shown in 26AS. Refunds can be claimed of any extra taxes deducted on incomes and noticed only by viewing
demand notices are invited by not matching TDS details in 26AS. Its a
pre-requisite to check 26AS and then file Income Tax
Returns matching everything with 26AS. In case of any mismatch, do take
necessary action to get 26AS updated else unnecessary hassles in the
Income Tax notices may be faced.
Do drop a message to Arpita for a feed back or for a query at firstname.lastname@example.org
Some other useful write ups:
on property purchase
TDS by submitting Form 15G and Form 15H
Missed the due
date of return filing! file it now as belated!
return with mistakes!! File a revised return!!
deduction from salary of Rs. 40000/-...read in detail...