Form 26AS: The easiest way of recalling the TDS amounts deducted during the year

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.

What is Form 26AS?

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.

How to download Form 26AS?

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 -

1. Open www.incometaxindiaefiling.gov.in/home and log in using PAN number (user name) and the password.
2. Place the cursor over the “My Account” Tab and click “View Form 26AS (Tax Credit)” option. Once you click it, it will redirect you on TDS-CPC Website from where you can download 26AS.
3. In the new tab, you have to give confirmation to use the TDS-CPC Website.
4. Click View Tax Credit (Form 26AS).
5. You can select the relevant Assessment Year (AY 2019-20 for FY 2018-19) and View the Form as HTML to download the PDF copy of Form 26AS Statement.  

What does Form 26AS look like?

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.

What should you do if Form 26AS doesn’t show the correct TDS deducted?

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.

You can visit Wizcounsel to find Chartered Accountants online and get assistance in filing income tax return hassle-free.