Tax Credit Statement (Form 26AS)
26AS & What
benefits 26AS brings to us?
IT department launched Form 26AS long back still many of us are not
aware of this statement. 26
AS is an annual
Tax credit Statement for each PAN holder showing the following
details as per IT records for a particular year
- Tax deducted(TDS)/collected,
on our incomes
- Income Tax refund granted to us
- Tax paid by us as self assessment tax
- Tax paid by us against demand
- High value transaction(if any) reported by our
bank to Income Tax Department
- Tax deducted by us in case of Purchase of property
someone deducts tax
on our income, he has to deposit the same in the government account
PAN. Income Tax department updates those details in Form 26 AS
statement) which we can view online. Now we get credit of only
taxes which are shown 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.
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 in the Income Tax
We can avoid a demand notice by reporting incomes
already shown in 26AS. We can claim refunds of any extra
taxes deducted on our incomes brought to our notice by viewing
attract Tax demand notices by not matching our TDS details in 26 AS.
Presently with the e-filing being mandatory for many tax payers, it has
become a pre-requisite to check your 26AS and then file your Income Tax
Returns. In case of any mismatch, do take necessary action to get your
26 AS updated otherwise you are attracting the unnecessary hassles of
Income Tax notices.
view Tax Credit Statement (Form 26AS)?
Income Tax Department is emphasizing everyone to match their TDS
certificates with 26AS. They have launched three different ways through
which one can view his/her 26AS. We have listed down the step by step
as to how can 26AS be viewed? Following are the three options along
with their details to view
The downloaded pdf file
of 26AS is password protected. Password to open the downloaded 26AS in
pdf format is your Date of Birth in DDMMYYYY format.
FAQs on 26AS
to view 26AS when I have TDS Certificates?
you know that TDS
deducted by our bank/emplyer/any other party on our incomes is
available to our credit only
when the same
is deposited by them to the Government account with our
PAN. When they deposit TDS with our correct PAN, it will be reflected
in our 26AS.
should we do on
receiving a TDS Certificate?
You should match the
details of TDS Certificates(Form 16 & Form 16 A) with your Tax
to do if there is a mismatch in 26AS & TDS Certificates?
if there is any mismatch, you need to contact your deductor showing him
copy of 26AS. Deductors are required to rectify any mismatch
details. They can't ignore it.
On rectification done by deductors, 26 AS will show the
details of your TDS. You can track the rectifications done by the
frequently viewing your 26 AS.
to do when Deductor is not ready to update my details?
Deductors are required to file their TDS
returns correctly. In case of
mistakes, its deductor's fault and he has to rectify and update the
details of the deductee. If deductor is not agreeing to do so
should write complain to your assessing officer attaching the TDS
certificate and also to the assessing officer(TDS). Keep a copy of the
documents with you. Regular follow up will be needed.This may take some
time but will be resolved.
checked my 26AS, there is showing TDS from some Bank. I do not know
anything about this. What should I do? Should I claim this TDS in my
this TDS is not on your income, means its wrongly entered in your PAN.
You are not entitled for it nor you should claim it in your Income Tax
possible you should try to locate the deductor of this TDS and contact
him to rectify their mistake. These type of mistakes are rare but can
be faced by anyone.
If you still have some queries, just send us an email at firstname.lastname@example.org
or write to us through Contact
Some Quick Links:
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!!