CA Loan Bajaj Finserv
CA Final Online Classes
CA Classes

Share on Facebook

Share on Twitter

Share on LinkedIn

Share on Email

Share More

New online tax credit

Krutesh Patel 
on 25 June 2010

LinkedIn


Online Tax Credit

During last few years, Income Tax Department has introduced many amendments, particularly aiming at to minimize personal interactions of Assessee with department. This is a welcome move and has made the task of Assessee easier and faster. The main advantage is the control o bribe.

As announced by finance minister, the department wants to emphasize collection of taxes through TDS. Therefore, it has made TDS law more binding and easier. It has also aimed at issuing refund of tax based on TDS and other tax amount, credited in the account of Assessee. So, you�ll get refund of your tax not only on the basis of your return of income tax but also TDS return filed by the person who has deducted your TDS. When both the amounts match with each other, you�ll immediately get refund. This is the policy adopted by department since last year.

But it created some problems. Assessee was not able to verify that whether he has received credit of TDS deducted by opposite party of not. TDS certificate issued by other party does not guarantee that TDS is properly credited into his account or not. So it created trouble for some Assessee in a way of refund of lesser amount or some times department is asking you to pay taxes in stead of granting refund!!!

NSDL was providing services to view your tax credit of all taxes like TDS, TCS Advance tax, Self assessment in Form No 26AS by charging fees of Rs. 17 or Rs. 117. To get registration for this service is very lengthy and complicated process.

But finally department come forward and granted facility to view tax credit without any cost and comparatively easier. Process is very easy. You must have registered your PAN with site of income tax for e-filing of your tax return. You log on to site with that id and password and then procedure is very easy.

Step: 1:
You will find screen where now click on MY ACCOUNT which is shown in the rightist corner of your window and from various alternatives select VIEW TAX CREDIT (FORM 26AS)

STEP: 2:
Thereafter you will get screen where you enter your date of birth as per PAN Card to verify your identity. You enter verification code and be happy process is complete.

System will ask you to redirect you to NSDL website. You just confirm it and your FORM 26As will be generated.

STEP: 3:
View your tax credit and compare the same with TDS certificate received. And do not forget to hold collar of deductor if you do not find credit of TDS deducted by him. Ask him to revise his TDS return.

I hope this information has proved useful for you. Bye�..




Category Income Tax
Other Articles by -
Krutesh Patel 

Report Abuse

LinkedIn



Comments


update