Summer is gone. Guess what the next season is………..
The tax-return filing season!
That’s hotter than summer, right?
Before filing
your return please check your Form 26AS. This is a consolidated
statement and contains the following:
- Part
A – Tax
Deducted at Source (TDS) and deposited with the Income Tax
Department on your behalf by the person from whom you have received the
payment. It displays the name and TAN of the deductor, the section under
which the payment has been made, the amount and date of payment.
- Part
B – The
tax collected at source (TCS) and deposited with the Income Tax
Department on your behalf by the seller of specified goods at the time
these goods have been sold to you. Details similar to those as in Part A
is shown here as well.
- Part
C – Other tax payments made by you (like Advance Tax, Self-Assessment Tax,
Regular Assessment Tax etc.) and the details of the challan through
which you have deposited the tax in the bank.
- Tax Refunds (if any) which shows the details
of amount refunded and the assessment year for which the tax has been
refunded.
- Annual Information Report (AIR) – Contains
details of high value transactions done by you like details of transactions of Mutual Fund, Shares
and Bonds.
Benefit of Form 26AS:
You must cross-check
the Form 26AS before filing your Income Tax Return. This will help you to
understand the following:
1.
Whether
the TDS / TCS has been deposited into the government account.
2.
The
bank has properly furnished the details of the tax deposited by you.
3.
You
can also view the details of the Income Tax Refund paid during the financial
year and can also verify the TDS certificates (form 16 & form 16A).
How to download Form 16AS online?
This can be
downloaded from 3 different portals:
1. View Tax Credit from
https://incometaxindiaefiling.gov.in
Taxpayers who are
registered at the above portal can view Form 26AS by clicking on 'View Tax
Credit Statement (From 26AS)' in "My Account". For new registration, click
on 'Register' on the portal. The registration process is user-friendly and
takes very little time.
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 the authorized banks
(list given at the bottom).
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 Form 26AS.
The PAN holder has to fill up an online registration form for this. 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 centre 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
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 return giving details of the tax deducted/collected on
your behalf;
c)
The 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.
This is important especially since 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).
In addition to the above, you can view the details
of tax refund received during the financial year and details of transaction of
mutual Fund, shares and bonds (as reported by AIR filer). You can also verify the
TDS certificate (Form 16A) issued by your deductor.
The accuracy of PAN-wise ledger account will depend
on:
a)
Correct quoting of TAN by the deductor/collector.
b)
Correct and complete quoting of PAN of
deductor/collector.
c)
Correct quoting of CIN (Challan Identification
Number) where payment is made by challan.
‘No Transaction Present’ means
there no transactions that have taken place either in Part A, B or C during the
selected assessment year by you.
In this context, please note the following process for
the posting of the date of booking against an entry in Form 26AS
a)
Deductor deposits challan for TDS/TCS deducted from
you in bank.
b)
Bank issues counterfoil of challan mentioning
Challan Identification Number popularly known as ‘CIN’.
c)
Bank uploads challan data to NSDL’s TIN Central
System.
d)
Deductor files TDS/TCS return mentioning details of
CIN.
e)
Once the return is uploaded, the challan details
present in return are compared with challan details uploaded by bank.
f)
Whether these details are matched or Un-matched,
entry for the same is displayed in Form 26AS against ‘F’, ‘U’ or ‘P’ status
based on whether details are matched or unmatched. Please refer your Form 26AS
to know more about F/U/P status.
The date when such matching takes place is recorded
as ‘Date of Booking’ in Form 26AS in part A or part B (as the case may be).
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.
The address reflecting in Annual Tax Statement
(Form 26AS) is picked up from the details present in ITD’s PAN Database with
the details of latest PAN card issued.
The address mentioned in the Form 26AS is picked up
from the details present in ITD’s PAN Database with the details of latest PAN
card issued.
You can update/change your address details (as the
case may be) 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 www.tin-nsdl.com
Details of TDS/TCS is displayed in Form 26AS on the
basis of quarterly TDS/TCS statement furnished by deductor/collector. On
processing the quarterly TDS/TCS statement, PAN ledger (Form 26AS) is generated
for each deductee which are reported with valid PAN.
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.
The details are posted on the day of upload of
details of tax refund by State Bank of India. This is a daily activity.
Form 26AS gets updated one day after upload of
Annual Information Return (AIR) in the TIN central system. This is a daily
activity.
If there is any error in the TDS/TCS returns 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.
You 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: reply@nsdl.co.in
You have to mention the following details in the
correspondence:-
- PAN of Deductee
- Name of Deductor
- TAN of
Deductor
- Query (In detail)
- Assessment Year for
which query raised
- Your present
address and contact details.
Which are the banks registered with
NSDL for providing view of Tax Credit Statement (Form 26AS)?
The list of banks is
given below.
1. Allahabad Bank
2. Andhra Bank
3. Axis Bank Limited
4. Bank of Baroda
5. Bank of India
6. Bank of Maharashtra
7. Canara Bank
8. Central Bank of India
9. Citibank N.A.
10. City Union Bank Limited
11. Corporation Bank
12. HDFC Bank Limited
13. ICICI Bank Limited
14. IDBI Bank Limited
15. Indian Overseas Bank
16. Indian Bank
17. Karnataka Bank Limited
18. Kotak Mahindra Bank Limited
19. Oriental Bank of Commerce
20. State Bank of Bikaner & Jaipur
21. State Bank of Hyderabad
22. State Bank of India
23. State Bank of Mysore
24. State Bank of Patiala
25. State Bank of Travancore
26. Syndicate Bank
27. The Federal Bank Limited
28. The Karur Vysya Bank Limited
29. The Saraswat Co-operative Bank Limited
30. UCO Bank
31. Union Bank of India
