May 25 , 2013
When you have paid your taxes for the year you can check your tax credit at the Income Tax department through Form 26AS.
What is Form 26AS?
Form 26AS is the Income Tax department's statement of tax credit. Income tax paid by you or on your behalf by your employer, bank as TDS and deposited in the government's account is reflected in form 26AS.
Thus form 26AS will show you details of
- Tax Deducted at Source (TDS)
- Tax Collected at Source (TCS)
- Advance tax / self-assessment tax / regular assessment tax, etc, deposited in the bank by you
- Refund received during the financial year
- High value transactions in Mutual Fund, Shares and Bonds, etc
Why it is important to verify form 26AS?
Form 26AS like mentioned is a tax credit statement. Just like you update your bank Passbook from time to time it is good to check your Form 26AS at least once a year. There are reasons why you should.
- Form 26AS confirms that income tax deducted or collected from you has been deposited in government's account.
- It also is a proof that TDS/TCS return has been filed on time by the deductor or collector on your behalf.
- It confirms that the bank where you paid advance or self assessment tax at has furnished your tax payment details correctly.
How to view form 26AS online?If you are a PAN card holder and your PAN has been provided in TDS and other tax payments you can view your tax credit statement online. Presently you can do it in one of these 3 ways:
What if there are mismatches in Form 26AS?One of the reasons why your Form 26AS is not updated or is reflecting incorrect information could be that PAN is not correctly quoted by the deductor. Another reason could be that the deductor has not deposited the tax yet. Take the matter up with your bank or company and get it rectified before filing tax returns.