With the due date of income tax return filing approaching soon, the taxpayers have started collecting the necessary documents and information.
If you are providing professional services, your clients must have deducted TDS at the rate of 10 per cent while paying you. Similarly, the employers also deduct TDS every month while paying salaries to the employees. Also, the banks have to deduct TDS while paying interest income.
The taxpayer can reduce the TDS deducted by the client/ employer/ banks/ deductors from the final tax liability while filing the income tax return.
However, the real problem arises if you forget the total TDS deducted during the year. What to do? – Form 26AS is the answer.
Form 26AS is the tax credit statement maintained by Income Tax Department. It shows the amount of TDS, TCS and other forms of tax payment such as advance tax or self-assessment tax deposited against a PAN number in a particular Financial Year.
Whether your clients or the employer has deposited your TDS amount with the Government or you paid advance or self-assessment tax, Form 26AS will show all these amounts.
You can download Form 26AS from the Income Tax E-filing website using your PAN number and the password. Here are the steps to be followed –
Form 26AS consists of different parts, each dedicated to a different mode of tax payment.
Apart from it, it also shows the excess tax amount refunded by the Income Tax Department to you along with the date when the refund was credited into your bank account.
Any details pertaining to the Annual Information Return are also mentioned in the Form 26AS.
Many times, it happens where the taxpayers can’t match the amount of TDS deducted during the year vis-à-vis amount as shown in Form 26AS statement.
This situation occurs where the payer deducted the TDS amount but didn’t deposit the TDS with the Income Tax Department, or deposited it against the incorrect PAN number.
In such situations, you shouldn’t worry!
Instead, you should ask the payer to revise his TDS return using the correct information. Once he files the revised TDS return, Form 26AS will shortly display the correct information.
Have any more queries related to Form 26AS or deduction of TDS amount during the year? Drop your comments below and I’ll be happy to answer them.
Please how to create user name and password as I have never used that site
I am an professional. My employer has deducted TDS @10% but not remitted to IT Authority. Nothing is appearing in Form 26AS. Please suggest further course of action.
How to claim TDS deducted by Bank @20%( Without PAN) though PAN was supplied to Bank and not linked by Bank . How to claim credits of this TDS in Return of Income as same is not appearing in 26- AS
Apart from incorrect TDS there are cases when the deductor shows wrong amount a paid – sometimes far in excess of the correct interest or salary. I have a case where bank gave an interest statement to me but uploaded a far higher amount What is the remedy for the taxpayer? In one case in spite of repeated requests the bank did not correct the amount
Is there any due date to revise TDS Returns? Or I Can revise return of any quarter anytime?