INCOME TAX Form 26AS- Layman Guide


In order to avoid problems in income tax refund and assessment, every tax payer in India should know about form 26AS. They should reconcile on weekly or monthly basis the actual one with details shown in 26AS and report for any deviation with concerned deductee so that timely correction will help to keep your income tax matters upright. The assessee will be able to use this consolidated tax statement (Form 26AS) as a proof of tax deducted.Income tax payer is no longer required to attach photocopy of TDS certificate along with Income tax return. This can be viewed now from http://contents.tdscpc.gov.in/. It is also called TRACES which means Tds Reconciliation Analysis and Correction Enabling System. Now some of the banks like Axis bank provide form 26AS view for their assessee clients.

TRACES is a web-based application of the Income Tax Department that provides an interface to all stakeholders associated with TDS administration. It enables viewing of challan status, downloading of Conso File, Justification Report and Form 16 / 16A as well as viewing of annual tax credit statements (Form 26AS).

Form 26AS is a consolidated tax statement issued under Rule 31 AB of Income Tax Rules to PAN holders. This statement with respect to a financial year will include details of

  1. Tax deducted at source (TDS)-Part A: Shows details of the deductor (name & TAN) along with details of tax deducted from assessee like section under which deduction was made (e.g. section 192 for salary), date on which payment was effected, amount paid/credited, tax deducted from payments and deposited in the bank are included in this part.
  2. Tax collected at source (TCS)-Part B:Shows details of tax collected at source (TCS) by the seller of specified goods at time these goods have been sold to assessee. Details similar to those displayed in Part A in respect of the seller and the tax collected will also be available
  3. Part-C shows advance tax/self-assessment tax/regular assessment tax etc. deposited in the bank by assessees (PAN holders)

As per the Income Tax Act the deductors are required to file their TDS/TCS statements every quarter. This means that within about 15 days of the deductors filing quarterly e-TDS/TCS statement the TDS/TCS entries will be posted in the tax statement which is available in the TIN website.

If PAN holder details are incorrect the same can be updated by making an application using the ‘Request for new PAN card or/and changes or correction in PAN data’. This request can be made either online or through the existing network of TIN-FCs. Details are available at the TIN website .

– Venkata Ramani

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