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Tax Credit Statement (Form 26AS)

What is 26AS & What benefits 26AS brings to us?

Though 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, deposited 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

When someone deducts tax on our income, he has to deposit the same in the government account showing our PAN. Income Tax department updates those details in Form 26 AS (Tax credit statement) which we can view online. Now we get credit of only those 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.

26AS helps us to know exactly how much TDS is deducted by our employer/ Bank/ any other party. It makes us aware about the incomes reported by our deductor(employer/ Bank/ any other party) to the Income Tax Department. The income reported in our 26AS must always be reported in the Income Tax returns.

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 26AS.

We 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.


How to 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 process as to how can 26AS be viewed? Following are the three options along with their details to view 26AS:
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

Why to view 26AS when I have TDS Certificates?
Do 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 correct PAN. When they deposit TDS with our correct PAN, it will be reflected in our 26AS. 

What should we do on receiving a TDS Certificate?
You should match the details of TDS Certificates(Form 16 & Form 16 A) with your Tax Credit Statement (26 AS).

What to do if there is a mismatch in 26AS & TDS Certificates?
On reconciliation if there is any mismatch, you need to contact your deductor showing him the copy of 26AS. Deductors are required to rectify any mismatch and revise the details. They can't ignore it. 
On rectification done by deductors, 26 AS will show the updated details of your TDS. You can track the rectifications done by the deductor, by frequently viewing your 26 AS.


What 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 you 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.

I 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 return?
As 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 Return. If 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  arpita@tdsmaster.com or write to us through Contact us


Some Quick Links:
TDS on property purchase
Avoid TDS by submitting Form 15G and Form 15H
Missed the due date of return filing! file it now as belated!
Filed return with mistakes!! File a revised return!!








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