Q.1 What is form 26AS?
Ans. It is a consolidated Annual Information Statement for a particular Financial Year (FY). It contains the details of the following:
–Tax Collected at Source (TCS)
-Advance Tax / Self-Assessment Tax / Regular Assessment Tax deposited
-Refund received during a financial year (if any)
-Details of any Specified Financial Transactions (SFT) (if any)
-Details of Tax Deducted on sale of immovable property u/s194IA (in case of seller of such property)
-TDS Defaults (if any)
-Information relating to demand and refund
-Information relating to pending and completed proceedings
Q.2 My Self-Assessment / Advance Tax in my Annual Tax Credit Statement (26AS) do not reflect the amounts deposited by me. What do I need to do now?
Ans. You need to validate the Challan number and your PAN in such cases.
Q.3 How will I know if there is a tax credit mismatch?
Ans. In the Tax Credit Mismatch page, after you enter your details, check for any mismatch between respective TDS / TCS / any other challan amounts and amount as per 26AS. If the corresponding amounts are different then there is a tax credit mismatch. In such cases, the message – There is a mismatch will be displayed.
If there is no tax credit mismatch, the message Tax Credit Claimed is Fully Matched with Tax Credit Available in 26AS will be displayed.
Q.4 What can I do if there is a tax-credit mismatch in one of my filed Income Tax Return?
Ans. If there is a mismatch in TDS :
- Inform the employer / deductor responsible for deducting TDS from your income. Your employer / deductor needs to file a revised TDS return.
In case of other tax credit mismatch (AT / SAT) provided in the Income Tax Return by you:
- If you have not received an intimation u/s 143(1), you can file a revised return; OR
- You can file a rectification request through Rectification request service. (Only if you have received an intimation u/s 143(1).)
- Please make sure that your quote the challan details correctly in your ITR.
- Note that the tax credit claimed in the ITR is restricted/provided to the amount as reflected in your Form 26 AS.
26AS mismatch is very prevalent and very little has been done by Government to relieve the huge loss and mental agony to the assessees. They claim that 26AS is supreme and we have to run around. E very year I lose because someone or other does a wrong report and I never get the amount. Why cannot the Commissioners (TDS) be empowered to refund to the assessees if we prove that TDS was done but not reflected in 26AS and due credit was not given to us