Twitter
Advertisement

Know your tax laws-II: Check your '26AS' before filing tax returns this year!

All about Form 26AS, the annual tax credit statement

Latest News
article-main
FacebookTwitterWhatsappLinkedin

Rishabh Parakh

What is Form 26AS?
Form 26AS is a consolidated tax statement issued by IT department which shows the tax payments received by the government and credited to your account. All the tax payments made by you or on your behalf either by your employer or any other person should be reflected in your 26AS.

What it contains?
Tax credit statement 26AS contains the following info:
Part A:    Details of Tax Deducted at Source (TDS)
Part A1:  Details of TDS for 15G/15H
Part A2:  Details of TDS on sale of immovable property
Part B:    Details of Tax Collected at Source (TCS)
Part C:    Details of tax paid like Advance tax, self assessment tax or regular assessment
Part D:    Details of paid Refunds
Part E:    Details of AIR transactions

How is 26AS Tax Credit Statement useful to you?
It is a very useful tool to confirm whether the:
Tax deducted by the deductor has been duly deposited to the government.
Bank has properly furnished the details of the tax deposited on your account.
The deductor/collector has correctly filed the TDS/TCS statement giving details of the tax deducted/collected on your behalf;
For e.g. if you are a salaried person and your employer has paid Rs 2,00,000 Tax by way of TDS on your salary and you also have paid self-assessment tax say Rs. 20,000 on your FD interest then the same should be duly reflected in your 26AS. 

Can there be variation in the tax credit?
Yes, It may happen due to varied reasons as follows:
Your employer or deductor/collector has not filed his TDS/TCS statement
Your PAN is not provided to the deductor/collector; or incorrect PAN was furnished
There was an error by the deductor/collector in quoting your PAN while filing TDS/TCS return
Your PAN was not quoted at all.
Challan details wrongly quoted either by deductor or wrongly uploaded by the bank.

What to do in case of variation?
You need to contact your employer/ bank or any person being the deductor who actually has deducted and deposited tax incorrectly on your account. They need to “Revise” their TDS Return. You need to wait till they revise the same and till it starts showing in your Form 26AS. Otherwise, there could be an issue of tax demand notice from IT dept.

How to view Form 26AS online?
Option 1: By registering yourself at the IT department’s website i.e. www.incometaxindiaefiling.gov.in, instant and free.
Option 2: Through the net banking facility provided by your bank.
Option 3: You can also register through NSDL website i.e. https://www.tin-nsdl.com/

Conclusion:
Many taxpayers are receiving income tax notices asking them to pay tax in spite of the same being already paid, so please check your 26AS now and set your tax figures right before you file your tax returns.

(Rishabh Parakh is a chartered accountant and a founder director of Money Plant Consulting, a leading Investment & Tax advisory service provider in Pune.You may mail your queries to him at
rishabhca@gmail.com)

Find your daily dose of news & explainers in your WhatsApp. Stay updated, Stay informed-  Follow DNA on WhatsApp.
Advertisement

Live tv

Advertisement
Advertisement