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Form 26AS is an annual statement which is maintained by the Department of Income Tax. Form 26AS contains the details of the tax credit in an account or appearing in the Permanent Account Number (PAN) of the respective assessee as per the records of the IT Department which can later be claimed by the taxpayer. 26AS is prepared under rule 31AB of the Income Tax Act, 1961.
What do you mean by Tax Credit?
An assessee can pay income tax either in the form of Advance Tax, TCS (Tax Collected at Source) or TDS (Tax Deducted at Source). The total tax paid throughout the year by an assessee is recorded by the Income Tax Department which is called Tax Credit which can be in any of the three forms that is Advance Tax, TDS or TCS. The department permits the taxpayer to claim the credit of taxes as reflected in his Form 26AS.
If in case TDS deducted as reflected in the TDS Statement does not match from the TDS reflected in Form 26AS. The assessee will not be eligible to claim the amount of actual TDS deducted. The difference may occur because of one of the following reasons:
1. Non-furnishing of TDS details by the deductor in TDS Return.
2. Return of TDS filed with incorrect Permanent Account Number.
3. Wrong amount entered in TDS Return.
4. Inappropriate Assessment Year.
5. Failure to deposit TDS on time by the deductor.
6. Defaults in the TDS return.
7. TDS deducted and imitated mismatch.
In case of difference, the deductee should ask the deductor and request him to take the necessary steps to rectify the difference due to the above reasons. The deductor may correct it by filing a TDS/TCS correction statement.
These are the following steps to view or download 26AS:
1. log in to E-filing portal www.incometaxindiaefiling.gov.in
2. Go to the ‘My Account’ menu and select 26AS (Tax Credit)
3. Go over the disclaimer click the ‘Confirm’ and the user will be redirected to the TRACES portal.
4. In the TRACES portal, agree on the acceptance of usage, click ‘Proceed’
5. Click view 26AS (Tax Credit)
6. Select the ‘Assessment Year’ then view type (HTML, Text or PDF)
7. Click ‘View or Download’
02 Mar
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