Mega Offer Avail 65% Off in CA IPCC and 50% Off in all CA CS CMA subjects.Coupon- IPCEXAM65 & EXAM50. Call: 088803-20003

CA Final Online Classes
CA Classes

Share on Facebook

Share on Twitter

Share on LinkedIn

Share on Email

Share More

VIEW TAX CREDIT

CA PIYUSH KAPOOR 
on 14 June 2009

LinkedIn


 
VIEW       TAX CREDIT- FORM 26AS
Overview
Form 26AS is a consolidated tax statement issued under Rule 31 AB of Income Tax Rules to PAN holders. This statement, with respect to a financial year, will include details of
a)Tax deducted at source (TDS);
b)Tax collected at source (TCS); and
c) Advance tax/self assessment tax/regular assessment tax etc., deposited in the bank        by the taxpayers (PAN holders).
Form 26AS will be prepared only with respect to Financial Year 05-06 onwards.
Steps for viewing Tax Credit
1. Online Registration of PAN by PAN holder
2. Verification of identity and authorisation by TIN-Facilitation Centre
3. View Tax Credit
Registration & authorisation is a one-time activity. This can happen in two ways:

a) PAN holder can personally visit any TIN-FC of its choice and get his PAN request Authorised; or,
b) PAN holder can request any TIN-FC to visit him at an address specified by him and get his PAN Authorised.
 
 
STEP I: REGISTRATION OF PAN BY PAN HOLDER:
1. Registration of PAN by PAN holder where the PAN holder personally visits the TIN-FC for authorization of the PAN registration request
  1. The PAN holder should select 'PAN Registration' option from online services menu.
  2. After entering all details, PAN holder should click on 'Submit'.
  3. On successful registration, an acknowledgement will be displayed on screen.
  4. The PAN holder should save and print this acknowledgement. This registration request has to be authorised by a TIN-FC within 15 calendar days of registration, otherwise, the registration will cease to exist and the PAN holder will have to register online again.
2. Registration of PAN by PAN holder where TIN-FC official visits the PAN holder for personal verification
This facility can be availed of only in those locations where a TIN-FC is present. In this option, the PAN holder will be prompted to enter his contact details in the fields provided on the online PAN registration form.
  1. The PAN holder should select 'PAN Registration' option from 'online services' menu.
  2. The PAN holder should enter the details such as PAN, user id, password and the address where he wants the TIN-FC to visit him for authorization. The contact address can be same as the address for communication displayed on screen or different.
  3. The PAN holder can select any TIN-FC from a list of TIN-FCs who offer this facility in the city provided in the contact address. If the PAN holder has not selected a TIN-FC, a default TIN-FC will be assigned to him from that city. Details of the TIN-FC selected will be displayed to the PAN holder.
  4. On successful registration, an acknowledgement will be generated. There will be an additional column on the acknowledgement to enter the first four characters of the User Id of the PAN holder.
  5. The PAN holder should save and print this acknowledgement. This registration request has to be Authorised by a TIN-FC within 15 calendar days of registration, otherwise, the registration will cease to exist and the PAN holder will have to register online again.
 
 
STEP II: Verification of identity and authorisation of PAN by TIN-FC
1. PAN holder personally visits a TIN-FC of his choice for verification of identity
  1. The PAN holder should personally visit a TIN-FC of his choice and present a print out of the acknowledgement generated onscreen at the time of registration of PAN, along with relevant proofs of identification as follows:
Type of PAN Holder
Documents required for verification of identity
Individual
Original PAN card along with a photocopy
Hindu Undivided Family (HUF)*
1. Original PAN card of HUF along with a photocopy and
2. Original PAN card of Karta of HUF along with a photocopy.
Company/Artificial Juridical
Person/Body of
Individuals/Association of
Persons (Trust)/Association of
Persons/Firm/Local Authority
1. Original PAN card of PAN holder along with a photocopy,
2. Authority letter from the PAN holder authorizing an individual to
register the PAN on its behalf (the letter should contain the specimen
signature of the Authorised individual), and
3. Original PAN card of the Authorised individual along with a photocopy.

  1. *If the PAN holder is a HUF, the Karta of the HUF should visit the TIN-FC in person and submit the acknowledgement-cum-receipt.
  2. After the identity of the PAN holder is verified, he should sign in the space provided for signature of PAN holder in the acknowledgement, in the presence of the TIN-FC.
  3. The TIN-FC will visually verify the signature with the signature on the PAN card and thereafter, authorise the registration request online.
  4. The PAN holder can also view the status of his registration on this website.
2. TIN-FC official visits the PAN holder for personal verification of identity
  1. The acknowledgement and contact details of all PAN holders who have chosen the option of the TIN-FC to visit them will be displayed to that particular TIN-FC when it logs in to TIN website using its DSC provided by NSDL.
  2. Using these details, the TIN-FC will contact the PAN holder within 24 hours of receipt of the request and fix an appointment to visit the PAN holder for verification of PAN. While fixing the appointment, the TIN-FC official will confirm the address at which he will visit the PAN holder.
  3. To help the PAN holder identify the official from the TIN-FC selected by him at the time of registration, the TIN-FC official visiting the PAN holder will carry with him, a proof of identity document and an authorization letter on the TIN-FC letter head issued by the TIN-FC branch head.
  4. The PAN holder should produce the acknowledgement generated on successful registration of PAN to the TIN-FC official for verification along with relevant proof as follows:
Type of PAN Holder
Documents required for verification of identity
Individual
Original PAN card along with a photocopy
Hindu Undivided Family (HUF)*
1. Original PAN card of HUF along with a photocopy and
2. Original PAN card of Karta of HUF along with a photocopy.
Company/Artificial Juridical
Person/Body of
Individuals/Association of
Persons (Trust)/Association of
Persons/Firm/Local Authority
1. Original PAN card of PAN holder along with a photocopy,
2. Authority letter from the PAN holder authorising an individual to
register the PAN on its behalf (the letter should contain the specimen
signature of the authorised individual), and
3. Original PAN card of the authorised individual along with a photocopy.
  1. * if the PAN holder is a HUF, the Karta of the HUF should personally meet the TIN-FC official for the verification of identity process.
  2. As a part of verification process, the PAN holder should sign on the acknowledgement in the presence of the TIN-FC official and write the first four digits of his User Id in the specified column in the acknowledgement form.
  3. The signature will be verified by the TIN-FC official with relevant signature proof of the PAN holder.
  4. On completion of verification, the TIN-FC official will sign and stamp the acknowledgement.
  5. The PAN holder can access his account with the User Id and password created by him at the time of registration after three days after authorization by the TIN-FC official.
  6. The PAN holder can also view the status of his registration on this website.
 
 
3. View Tax Credit
After three working days after authorization of its PAN by TIN-FC, the PAN holder can login to the TIN central system and view Form 26AS.
 
Forgot Password
In case the PAN holder has forgotten his password, he can enter a new password by using this option. The system will prompt him to enter his User Id, select the security question and enter the appropriate answer he had provided during registration. TIN central system will verify the question/answer entered with the question/answer entered during registration. On successful verification, the PAN holder will be prompted to change his password. If however, a wrong answer is given multiple times consecutively, the User Id will get locked. In order to re-activate the User Id, the PAN holder will have to use the facility of Reset Registration.
Reset Registration
In case the PAN holder has forgotten his User Id, he can use Reset Registration to create a new User Id and Password. The PAN holder will have to access the 'Reset Registration' screen and register again.
If the PAN holder enters the same User Id and wrong password multiple times consecutively, the User Id will get locked. The PAN holder will have to use this facility to activate his User
Id.
Registration Fee
There is no charge for viewing the Tax Credit online, however, the TIN-FC may charge for authorization of PAN as follows:
a) TIN-FC will charge Rs.17 (i.e. Rs.15 + service tax) for authorisation of PAN registration request, when the PAN holder personally visits the TIN-FC.
b) TIN-FC will charge Rs.110 (i.e. Rs.100 + service tax) for authorisation of PAN registration request in those cases where the PAN holder opts for the TIN-FC to visit him.
 
Advantage of Form 26AS
 
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 statement giving details of the tax deducted/collected on your behalf;

c) 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, after 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).
However, for claiming the credit for tax deducted/collected at source during the Financial Year, you are required to enclose TDS/TCS certificates (Form 16/16A) issued to you by the Deductor.
 
 
 
 
 
NAME OF AUTHOR            : CA. PIYUSH KAPOOR
 
M.No                                      :           401221
 
ADRESS                               : 203-KAPOOR CHAMBERS, RAJUL ARCADE,
                                                 RUSSEL SQUARE, NAPIERTOWN, JABALPUR
                                                 MADHYA PRADESH, PIN-482002
 
PH                                          : 2628612, 9826240481
 
E-MAIL                                   : capiyushkapoor@gmail.com
 
SOURCE OF MATTER      : www.tin-nsdl.com
 
 



Category Income Tax
Other Articles by -
CA PIYUSH KAPOOR 

Report Abuse

LinkedIn



Comments


update