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What is Form 26AS?

Vaishali Dhek 
on 21 February 2020

Form 26AS is a statement which is maintained by the Department of Income Tax on an annual basis. Form 26 AS contains the details of the tax credit in an account or appearing in the Permanent Account Number of the respective assessee as per the records of the Department of Income Tax which can later be claimed by the taxpayer. It is prepared under rule 31AB of the Income Tax Act, 1961. 


What is Tax Credit?

An assessee can pay income tax either in the form of TDS i.e. Tax Deducted at Source, TCS i.e. Tax Collected at Source or Advance Tax. The total tax paid by an assessee is recorded by the Income Tax Department which is called Tax Credit which can be in any of the three forms that is TDS, TCS, and Advance Tax. The department allows the taxpayer to claim the credit of taxes as reflected in his Form 26AS. 

What to do if the actual TDS differs from TDS reflected in Form 26AS?

What is Form 26AS?


If the actual TDS deducted as reflected in the TDS Statement differs from the TDS reflected in Form 26 AS. The taxpayer will not be eligible to claim the amount of actual TDS. The discrepancy may occur because of one of the following reasons:

1. Non-furnishing of TDS details by the deductor to the Department of Income Tax.
2. Incorrect Permanent Account Number.
3. Incorrect amount entered in TDS Return.
4. Incorrect Assessment Year. 
5. Failure of the deductor to deposit TDS on time.
6. Omissions in the TDS return.
7. TDS deducted and quoted mismatch.


In case of discrepancy the deductee should approach the deductor and request him to take the necessary steps to rectify the discrepancy due to the above reasons. The deductor may file TDS/TCS correction statement and correct the same.

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