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You should ensure that TDS certificates (Form 16/16A) issued to you are downloaded only from TRACES.
1. TDS certificates should be downloaded only from TRACES
You should ensure that TDS certificates (Form 16/16A) issued to you are downloaded only from TRACES (TDS Reconciliation Analysis and Correction Enabling System of the Income tax department). Certificates downloaded from TRACES are in a specific format. A form downloaded from TRACES would bear a 7 character alphabet unique certificate number and it will also have a TDS- CPS logo on the left side and a national emble on the right side at the top. This certificate would provide the details of the income paid to you and also the tax deducted from that income by the payer and whether the same has beden deposited by him with the government. See below for a sample of how a valid TDS certificate in Form 16 or Form 16A should look.
2. Digital signature should be verified.
In case of digitally signed certificates check that the signature is verified i.e. has a check mark across it. An unverified signature will bear a question mark over the signature instead of the check mark.
3. Must check details on the TDS certificate
Your name, PAN, Deductor's TAN, amount paid to you, TDS amount should be correctly reflected on the TDS certificate.
4. What is Form26AS and how to get it
An annual tax credit statement is generated by the income tax department for a person subjected to TDS (deductee) in Form 26AS. The statement provides details such as name of the deductee, PAN of deductee, details of deductor, the TDS amount, the amount of TDS deposited with the Government by the deductor etc.
The user can download the statement from the income tax e-filing website. The downloaded statement is password protected and the password to open the file is the Date of birth of the user which he would have entered when registering with the income tax e-filing site.
This statement is linked to your PAN and contains details of all your TDS -by employers as well as others (e.g. banks etc).
The link to download Form 26AS from TRACES can be found after logging into your account on the income tax e-filing site.
https://incometaxindiaefiling.gov.in/e%20Filing/UserLogin/LoginHome.html?nextPage=taxCred
It can also be downloaded via your net banking account provided that your bank provides the e-filing login facility. The list of banks providing this facility is available at: http://contents.tdscpc.gov.in/en/netbanking.html
5. Cross check the TDS certificate figures with Form 26AS
You can verify whether your TDS -as shown in the TDS certificate received from the deductor --has actually been received by the government or not by comparing with the Form 26AS. It is the duty of a taxpayer to verify whether the deductor has deducted tax on each transaction on which it was supposed to be deducted. He must also check that the TDS mentioned in form 16/16A is reflecting in Form 26AS. In case the TDS shown in your TDS certificate is not reflecting in your Form 26AS it would imply that although the deductor has deducted the tax on your behalf but the TDS has not been deposited / has not reached the income tax department. In case of any discrepancy between the TDS certificates and Form 26AS inform your deductor and ask for the reasons for this discrepancy and get it corrected. A possible reason behind the mismatch can be because your PAN has been incorrectly entered in the records of the deductor. In case the deductor has not deducted the tax on your behalf, then it is your responsibility to remind the deductor to deduct tax on your behalf and deposit the same with government.
Your form 26AS will also reflect any advance/regular/ self assessment tax that you pay.
Following details would also be available in your Form 26AS in case applicable:
Details of tax deducted on your behalf by deductors
Details of tax collected on your behalf by collectors
Details of tax deducted on sale of Immovable Property
Refund received during the financial year by you
Details of your transactions in Mutual Fund, Shares and Bonds, etc. (as reported by AIR filer)
TDS Defaults related to processing of Statements
A person deducting tax on account of buying an immovable property needs to submit TDS certificate to the seller in Form 16B. Link to download Form 16B (Tutorial) http://contents.tdscpc.gov.in/en/download-from16b-etutorial.html
6. Why you need TDS certificates when Form 26AS provides all information
One can gather all information related to TDS in Form 26AS which is sufficient to file one's return. This might make you doubt the importance of TDS certificates but the rationale behind introducing Form 26AS is to enable the taxpayer to cross check the details mentioned in his/her TDS certificates with those mentioned in Form 26AS and create transparency. TDS certificates are important because because these certificates and the Form 26AS are a cross check for each other-in case there is a mismatch you can try to get the relevant document corrected. Without the TDS certificate you would not get to know if there was a mismatch.
The Income Tax Department NEVER asks for your PIN numbers, passwords or similar access information for credit cards, banks or other financial accounts through e-mail. Download roxio creator free. The Income Tax Department appeals to taxpayers NOT to respond to such e-mails and NOT to share information relating to their credit card, bank and other financial accounts. If these type of question are in your mind and you want to know about 26as then here is my video presentation on how to see 26as online and also i told you about the purpose of 26as for the taxpayers.
Form 26AS Password is required to unlock it. Form 26AS is a document which contains details related to tax deducted, collected and submitted. In simple words all the details of tax of person are contained in the Form 26AS.
Further, if your return sails through the IT department's e-processing system without a hitch then your TDS certificates may not be required to be shown/submitted but in case your return gets picked up for scrutiny then you are likely to need your TDS certificates to show to the IT department. Also, in case a TDS is not reflecting in the Form 26AS then again you would need the certificate to prove that tax was actually deducted.
'In case of salaried persons, Form 26AS in itself is not sufficient to file the return since it does not show the breakup of your income and details of deductions claimed under section 80C to 80U which are available in Form 16' Kapur adds.
7. Why you must provide PAN to the deductor
It is the duty of the assessee/deductee to provide his PAN to the deductor or else the deductor will deduct his tax at a higher rate (generally 20%). Also, if PAN is not provided the TDS will not reflect in your Form 26AS which is linked to your PAN. This is because the deductor will not know which PAN to assign the TDS to while uploading data in the income tax site.
Adv. RAVINDRA KRISHNA
[email protected]
What is Form 26AS | How toview and download Form 26AS
The due date for filing income tax return is 31st July. YourForm 26AS is one of the most important documentsrequired while filing income tax return (ITR). It is your taxcredit statement which shows all taxes received by the Income Tax Departmentagainst your PAN number duringthe financial year. In this post, let's see what all details this form containsand how to view and download Form 26AS.
What is Form 26AS
It is the annualconsolidated tax credit statement issued to PAN holders. This statementshows all the taxes received by the Income Tax Department against the PAN ofthe taxpayer during the financial year.It includes details of all the taxes deducted fromyour income by your employer, bank etc.
Form 26AS statement
2.Details of the advance tax or self-assessment tax paid.
4.Details of the refund received from tax department during the financial year.
5. Detailsof Annual Information Return (Details of high-value transactions).
Therefore,always view and download Form 26AS for any discrepancies before filing yourincome tax return (ITR) for the year.
Form 26as Download Online Traces
Howto view and download Form 26AS
1.View and download through the TRACES (TDS ReconciliationAnalysis and Correction Enabling System) website.
2.View through Net Banking facility of authorized banks.
Download Form 26as
Viewand download Form 26AS through the TRACES website
Stepby step instructions to view and download it from TRACES website.
Goto the income tax department’s e-filing website www.incometaxindiaefiling.gov.in andlog in using your login Id and password.If you do not have an account, you will have to register yourself on the incometax department's website (www.incometaxindiaefiling.gov.in).You have to fill your PAN number, name, and date of birth and choose apassword. Once your registration is complete, you can log in to your account with your userID and password. Your permanent account number will be your user ID.
Goto “My Account” and click on “View Form 26AS (Tax Credit)” in the drop-downmenu.
Clickon “Confirm” button so that you will be redirected to the TDS-CPC (TRACES)website to view Form 26AS (Tax Credit Statement)
Nowyou are on TDS-CPC (TRACES) website. Select the small box to agree to the usageand acceptance of Form 16 / 16A generated from TRACES. Click on “Proceed”button.
Nowclick on the View Tax Credit link at the bottom of the page to viewyour Form 26AS.
Choosethe year for which you want to view/download your Form 26AS under the“Assessment Year” drop-down menu. Choose the file format in which you want toview your Form 26AS under the “View As” drop-downmenu. If you want to see it online, choose the file format as HTML. If you wantto download it, choose PDF. After choosing the file format, enter the“Verification Code” and click on “View / Download”.
Toopen the downloaded document you will require a password. The password for thisis your date of birth in DDMMYYYY format.
How To View 26as Traces
ViewForm 26AS through Net Banking of your bank account
Youcan also view your Tax Credit Statement through Net Banking facility. However, you can view this form using this facility ifyour PAN number islinked to your bank account. This facility is available free of cost but onlyselect banks are authorized to provide it.
Listof banks authorized to provide this facility are as below
Hopenow you will be able to view and download Form 26AS online easily before filingyour income tax return. Ideally, youshould check it regularly after every few months. This way you willget enough time to get it corrected with the tax deductors if there are anyerrors.
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