Form 26AS – Check tax credits before filing IT return and Rectification of Errors and Omissions

Taxpayers are advised to verify the tax credits available in 26AS statement before filing the Income Tax Return. It will facilitate faster processing and quick refunds. In order to avoid the TDS mismatch i.e if your claim of TDS is higher than the tax credits available in 26AS statement, please contact the Deductor for filing of the correction TDS statement.

Income Tax Department facilitates a PAN holder to view its Tax Credit Statement (Form 26AS) online. Form 26AS contains

  • Details of tax deducted on behalf of the taxpayer by deductors
  • Details of tax collected on behalf of the taxpayer by collectors
  • Advance tax/self assessment tax/regular assessment tax, etc. deposited by the taxpayers (PAN holders)
  • Details of paid refund received during the financial year
  • Details of the High value Transactions in respect of shares, mutual fund etc.

The Tax Credit Statement (Form 26AS) are generated wherein valid PAN has been reported in the TDS statements.
Tax Credits Statement (Form 26AS) can be viewed/accessed through 3 ways :

1. View Tax Credit from https://incometaxindiaefiling.gov.in

Taxpayers who are registered at the above potal viz. https://incometaxindiaefiling.gov.in can view 26AS by clicking on ‘View Tax Credit Statement (From 26AS)’ in “My Account”. The facility is available free of cost.

For “New Registration”, Click on ‘Register’ on the portal. The registration process is user-friendly and takes minimal time. View Demo

2. View Tax Credit (Form 26AS) from bank site through net banking facility

The facility is available to a PAN holder having net banking account with any of authorized banks. View of Tax Credit Statement (Form 26AS) is available only if the PAN is mapped to that particular account. The facility is available for free of cost. View Demo

List of banks registered with NSDL for providing view of Tax Credit Statement (Form 26AS) are as below

1. Axis Bank Limited
2. Bank of India
3. Bank of Maharashtra
4. Citibank N.A.
5. Corporation Bank
6. ICICI Bank Limited
7. IDBI Bank Limited
8. Indian Overseas Bank
9. Indian Bank
10. Kotak Mahindra Bank Limited
11. Oriental Bank of Commerce
12. State Bank of India
13. State Bank of Mysore
14. State Bank of Travancore
15. The Federal Bank Limited
16. UCO Bank
17. Union Bank of India
18. Bank of Baroda
19. Karnataka Bank
20. The Saraswat Co-operative Bank Limited
21. City Union Bank Limited
22. State Bank of Patiala

3. View Tax Credit (Form 26AS) from TIN website

The facility is available to PANs that are registered with Tax Information Network for view of 26AS statement. The PAN holder has to fill up an online Registration form for such purpose. Thereafter, verification of PAN holder’s identity is done by the TIN-Facilitation Centre personnel either at PAN holder’s address or at the TIN-facilitation center that has been chosen by the PAN holder. The verification involves a cost at prescribed rates. Once authorised, the PAN holder can view Tax Credit Statement online.

4. FAQ

Understanding Form 26AS

What is 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:

a) tax deducted at source (TDS);

b) tax collected at source (TCS); and

c) advance tax/self assessment tax/regular assessment tax etc., deposited in the bank by the taxpayers (PAN holders).

Form 26AS will be prepared only with respect to Financial Year 05-06 onwards.

d) Paid refund received during the financial year.

How is the information in my Form 26AS organized?

The Form 26AS (Annual Tax Statement) is divided into three parts, namely; Part A, B and C as under:

Part A displays details of tax which has been deducted at source (TDS) by each person (deductor) who made a specified kind of payment to you. Details of the deductor (name & TAN) along with details of tax deducted 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.

Part B displays details of tax collected at source (TCS) by the seller of specified goods at time these goods have been sold to you. Details similar to those displayed in Part A in respect of the seller and the tax collected will also be available.

Part C displays details of income tax directly paid by you (like advance tax, self assessment tax) and details of the challan through which you have deposited this tax in the bank.

How are the details of TDS/TCS with respect to non-governmental deductors posted in Form 26AS?

Every non-governmental entity that has deducted or collected tax at source is required to deposit the tax to the government account through a bank. Banks will upload this payment-related information to the TIN central system.

These deductors are also required to file a quarterly statement to TIN giving the details of their TDS/TCS.

The TIN central system will match the tax payment-related information in the statement with the tax receipt information from the banks. If both of these match, TIN will create a comprehensive ledger for each PAN holder giving details of the tax deducted/collected on its basis by every deductor who has filed the statement.

How are the details of TDS/TCS with respect to government deductors posted in Form 26AS?

As in the case of non-governmental deductors, government deductors are required to deduct/collect tax at source and deposit to government account. In this case, however, the tax is transferred to the government account through a book-entry and not deposited through banks.

These deductors are also expected to file the TDS/TCS statement in electronic form to TIN.

As the system for the government account officers to upload the details of TDS/TCS deposit through book entry transfer is under implementation, the TDS/TCS details with respect to government deductors are not posted in Form 26AS at present.

How are the details of income tax directly deposited in the banks by the taxpayers posted in Part C of Form 26AS?

Whenever you as a tax payer deposit your advance tax/self assessment tax directly to bank, the bank will upload this information to the TIN central system three days after the cheque has been cleared. This information will be posted in Part C of your Form 26AS.

How is my Form 26AS updated when I pay my Self Assessment/Advance Tax?

Banks upload challan details to TIN on a T+3 basis after the realization of the tax payment cheques. On the day after the bank uploads the details of self assessment/advance tax to TIN, it will post these details into your Form 26AS.

How is my Form 26AS updated after my deductor deducts my tax?

As and when TDS/TCS statements furnished by the deductors are uploaded to TIN central system, challan information from the statements and the challan information from bank uploads are matched and Form 26AS is updated. This is a daily activity.

As per the Income Tax Act, the deductors/collectors 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.

How is Form 26AS useful for me?

The credits available in the tax statement confirm that:

a) the tax deducted/collected by the deductor/collector has been deposited to the account of the government;

b) the deductor/collector has accurately filed the TDS/TCS statement giving details of the tax deducted/collected on your behalf;

c) bank has properly furnished the details of the tax deposited by you.

In future, you will be able to use this consolidated tax statement (Form 26AS) as a proof of tax deducted/collected on your behalf and the tax directly paid by you along with your income tax return, after the need for submission of TDS/TCS certificates and tax payment challans along with income tax returns has been dispensed with by the Income Tax Department (ITD).

However, as of now for claiming the credit for tax deducted/collected at source you may be required to enclose TDS/TCS certificates (Form 16/16A) issued to you by the deductor.

In addition to the above, you can also view the details of paid refund received during the financial year.

What happens if my PAN is not correctly provided in the TDS/TCS statement filed by my deductor?

In such cases the details of TDS/TCS cannot be posted into your Form 26AS. Therefore it is important to provide your PAN to all the entities who deduct/collect tax on your behalf.

What happens if I have not given my PAN in the tax payment challan used for depositing my advance/self assessment tax?

In such cases, the tax payment details will not be posted in Form 26AS. Therefore, it is important for you to correctly state your PAN in your tax payment challans.

What is the source of the information like my name and address given in the Form 26AS?

The name and address in the annual tax statement against your PAN is taken from the Income Tax Department (ITD) PAN database.

In case this address in the PAN database available with ITD is not your current address, the annual tax statement which is proposed to be printed and posted to you every year will not reach you.

If you need to update your name and address in the PAN database, you can rectify the same 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.

How can any deductor verify the status of the TDS/TCS statements furnished by him?

The deductor can use the TAN view facility available at TIN website to verify both upload and booking status of the TDS/TCS statement uploaded by it.

Rectification of Errors and Omissions

What are the conditions under which advance tax/self assessment tax paid in the bank may not reflected in Part C of Form 26AS.

This could be because:

a) your PAN was not properly quoted in the tax payment challans or

b) the bank has made error in entering the PAN while digitizing the challan data or

c) the bank has failed to upload the digitized information to TIN.

You can use the challan status enquiry facility provided at TIN website to verify whether a challan bearing the Challan Identification Number (CIN) given in the counterfoil available with you has been uploaded to TIN. If the PAN as seen in this uploaded data is not your PAN, you may take up with your Assessing Officer for rectification of PAN.

In case the bank has not uploaded the details with respect to your deposit of tax, you may take up with your bank so that this information is uploaded.

What if amount of advance/self assessment tax paid in the bank is incorrectly reflected in Part C of Form 26AS?

This could be because the bank has made error in data entry. You should take up the matter with your bank for rectification of amount.

What if the Challan Identification Number (CIN) of the advance/self assessment tax paid in the bank (as given in Part C of Form 26AS) does not match with the CIN in the challan counterfoil available with me?

You may quote this CIN that is quoted in Form 26AS in your tax return.

What are the possible reasons for incorrect amount of credits being displayed in Part A/B of my tax statement?

The possible reasons for incorrect credits in Form 26AS can be on account of wrong data provided by the deductor in the quarterly TDS/TCS statement. You may request the deductor to rectify the TDS/TCS statement using prescribed correction statement.

What are the possible reasons for no credits in Parts A/B of my Form 26AS?

The possible reasons for no credit being displayed in your Form 26AS can be:

* Deductor/collector has not filed his TDS/TCS statement;

* You have not provided PAN to the deductor/collector;

* You have provided incorrect PAN to the deductor/collector;

* The deductor/collector has made an error in quoting your PAN in the TDS/TCS return;

* The deductor/collector has not quoted your PAN;

* The details of challan against which your TDS/TCS was deposited was wrongly quoted in the statement by the deductor or wrongly quoted in the challan details uploaded by the bank.

To rectify these errors you may request the deductor:

* to file a TDS/TCS statement, if it has not been filed;

* to rectify the PAN using a PAN correction statement in the TDS/TCS statement that has been already uploaded if it has made an error in the PAN quoted;

* to furnish a correction statement if the deductor had filed a TDS/TCS statement and had inadvertently missed providing your details or you had not given your PAN to him before he filed the TDS/TCS return;

* to furnish a correction statement if the deductor had filed a TDS/TCS statement which had mistake in the challan details;

* to take up with the bank to rectify any mistake in the amount in the challan details uploaded by the bank.

What should I do in case there are entries in my Form 26AS that do not pertain to me?

In case this is on account of TDS/TCS credit, you may intimate the deductor/collector. In case this is on account of advance tax/self assessment tax, you may intimate your assessing officer.

Can negative (‘-‘) entries appear in Form 26AS?

If there is any error is in the TDS/TCS statements or in the challan details uploaded by the bank and the same has been rectified, the original credit entry will be reversed by way of a debit entry in Form 26AS and a new credit entry (if applicable) will be posted.

Can changes be made to the name and address of the PAN holder displayed in Form 26AS?

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.

Whom can the PAN holder contact in case of any clarifications which have not been resolved by the deductor of the bank?

PAN holder can contact TIN Call Centre, National Securities Depository Limited, 3rd Floor, Sapphire Chambers, Near Baner Telephone Exchange, Baner, Pune – 411 045. Tel: 020 – 2721 8080. Fax: 020 – 2721 8081. Email: tininfo@nsdl.co.in

(The Above Article was First Published on 08.07.2011 and Republished on 15.09.2011 with Few Modifications / Changes)

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