Form 26AS currently gets generated through TRACES.
TRACES stands for TDS Reconciliation Analysis and Correction Enabling System.
Form 26AS contains details of the total TDS (Tax Deducted at Source) / TCS (Tax collected at source / any other tax (for example, Self Assessment Tax / Advance Tax) including Refund and AIR Transaction.
AIR stands for Annual Information Report.
This form is available after you log in on the website of www.incometaxindiaefiling.gov.in by using your PAN as User ID and unique password.
Incase you have not registered, there is a process of one-time registration. In few other cases, where the password is lost, one can retrieve it by way of “Forget Password” option.
In other case, where the previous consultant filed the return and he is no longer available to crack the password, you may then have to write to firstname.lastname@example.org
Form 26AS can be viewed by registering with TRACES or through net banking account of tax payers held with banks that have registered with TRACES to provide this facility.
There are two tabs in TDS-CPC (CPC – Centralised Processing Cell). Click on “View Tax Credit (Form 26AS).
Choose the Assessment Year from the drop down menu. For example, if you want to see your tax details for the financial year 2012-2013 (01.04.2012 to 31.03.2013), then select the Assessment Year as 2013-2014.
There are options to view the details either through HTML or PDF or Text.
HTML gives you the summarized form of tax deduction from respective deductors, whereas the PDF version offers details of TDS deducted during the period by each deductors as and when the TDS was deducted and deposited. Its more detailed in nature and is much useful. The PDF can be directly downloaded, whereas the HTML can be viewed.
Even the HTML can be viewed in detail, incase you don’t wish to download the pdf version on a public terminal. Let us see how …
In Part A – Details of Tax Deducted at Source, you would find a table which would start with “Sr. No.”. Prior to the said column, there is a blank column which would show “+” sign.
Just click on the “+” sign and you would get the details of TDS by the said deductor in detail during the said period under review.
To go back to the summarized form, click “-“ at the same place which has appeared at the location earlier occupied by “+”
This form (26AS) contains the annual tax statement under Section 203AA (Refer Section 203AA and second proviso to Section 206C(5) and Rule 31AB).
This form must be cross-checked with the details of the TDS certificate (Form 16 / Form 16A) to ensure whether the TDS deducted on the deductee’s income was actually deposited with the Income Tax department.
This form is divided into three sections as under:
Part A – Details of Tax Deducted at Source
Part A1– Details of Tax Deducted at Source for 15G / 15H
Part A2– Details of Tax Deducted at Source on sale of immovable Property U/s. 194IA
Part B – Details of Tax Collected at Source
Part C – Details of Tax Paid (Other than TDS or TCS but includes Self Assessment Tax & Advance Tax)
Part D – Details of Paid Refund
Part E – Details of AIR Transactions
Kindly note that in PART A/B (Details of Tax deducted / collected at source), the ‘Status of Booking (P/F/U)’ indicates the following:-
Provisional (P) – Only for TDS/TCS affected by Government deductors. Provisional tax credit is effected on the basis of TDS/TCS returns filed only. On verification of the payment details by the Pay & Accounts officer (PAO), status will change to Final (F).
Unmatched (U) – Deductors have not deposited the taxes or have furnished incorrect particulars of tax payment. Final credit will be reflected only when the payment details in the bank match with the details of deposit in the TDS/TCS return.
Final (F) – In case of non-Government deductors, payment details of TDS/TCS deposited in bank by the deductor have matched with the payment details mentioned in the TDS/TCS return filed by the deductor.
In case of Government deductors, details of TDS/TCS booked in Government account have been verified by the Pay and Accounts Officer (PAO).
In PART C, Details of Tax Paid (Other than TDS or TCS) related to Securities Transaction Tax and Banking Cash Transaction Tax are not displayed.
Form 26AS will help you to verify the credits for taxes deducted from the income received and the advance tax/ self assessment tax deposited by you at the bank.
Possible reasons for mismatch/missing entry in Part A/B (Details of TDS or TCS) are as follow:-
· Deductor / collector has not filed quarterly TDS/TCS return.
· Deductor /collector has not quoted or has wrongly quoted your PAN in the TDS/TCS return.
· You have not provided PAN or have provided wrong PAN to the deductor/collector.
· The TDS/TCS return filed by the deductor/collector is rejected in the system.
In case of entries with Status of Booking “U” (Unmatched)
· Deductor has wrongly quoted the challan details in the return against which your TDS/TCS was deposited.
· Deductor has provided correct challan details in TDS/TCS return but bank has made error while digitising challan details.
Possible reasons for mismatch / missing entry in ‘Part C ‘Details of tax paid (other than TDS or TCS) are as follow:-
· has digitized incorrect PAN in Challan.
· has not uploaded the digitized challan.
· has made error in digitising amount/major head while digitizing the Challan data
· has made error in digitising CIN details in the Challan data
· have mentioned wrong A.Y. in the challan which will result in updation of Form 26AS for wrong A.Y.
· have quoted incorrect PAN in the tax payment challan
CIN consists of the BSR code of the bank branch where you deposited the tax, date on which you deposited tax and the challan serial number which have been stamped on the counter foil of the challan given to you.
Extract of Form 26AS …
In continuation of the citizen centric exercise of sending Annual Tax Statements to taxpayers, please find attached your Annual Tax Statement for A.Y. 20xx-xx (Financial Year 01.04.20xx to 31.03.20xx).
The tax credits available are based on the details submitted by the deductors up to the date on which the statement is generated. The date upto which the data has been taken is mentioned in the statement itself. The objective is:
(i) To give you feedback regarding the tax credits, as reported by the tax deductors/collectors, besides showing taxes deposited by way of self assessment tax, advance tax etc ; and
(ii) To enable you to ensure that the tax credit available is complete, correct and up to date.
This statement assumes more importance since this statement is also relied upon by the ITD while giving tax credit at the time of processing of the Income Tax returns. Hence, absence of tax credit will bind the Officer to adhere to the tax credit available.
2. The statement is being sent to enable you to take up the matter pertaining to any deficiencies in your statement with your deductor. This would also ensure that complete and correct tax credit is available to you at the time of filing of the income tax return for the A.Y. 2009-10.
3. As has been advised before, Tax Credits appearing in the Annual Tax Statement are on the basis of the details given by the deductor in the TDS / TCS statement filed by him. The same should be verified before claiming tax credit and only the amount which pertains to you should be claimed.
4. To open the statement, please enter the date of birth in case of individual tax payers and the date of incorporation for non-individual tax payers as password in the format of DDMMYYYY. For example, if your date of birth / incorporation is January 21, 1985 then the password will be 21011985.
4.1 The date of birth / incorporation should be same as furnished to the Department and available in the Income Tax Department PAN master (as printed on the PAN card).
It is indeed a step forward in bringing transparency and better accountability.