PURPOSE OF FORM 26AS

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Quick Summary

Form 26AS is primarily used to verify your tax credits. It's crucial to ensure that the TDS deducted matches your records. If there are discrepancies between the interest credited in Form 26AS and your actual bank interest received, it's recommended to investigate further, potentially checking for accrued interest from previous years or reviewing your AIS and TIS statements on the IT portal.

Bhai

Bhai (Querist)

17 November 2021 Kindly explain the purpose of Form 26AS.

Whether the Tax Credited should match with my books or the amount paid/credited should match with my books or both should match with my books.

In my case TDS deducted on account of Bank Interest matches whereas amount paid does not match with the interest received.

Our auditors says that both should match.

Kindly clarify.

Thanks.

Dhirajlal Rambhia

Dhirajlal Rambhia

(Expert)

17 November 2021 WHICH IS THE AMOUNT PAID?
IF IT IS ADVANCE TAX, THAN THE SAME SHOULD ALSO MATCH..

Bhai

Bhai (Querist)

17 November 2021 Sir

In my case bank has paid interest for fixed deposit after deducting TDS.
TDS amount matches with Form 26AS whereas interest amount does not match.

Dhirajlal Rambhia

Dhirajlal Rambhia

(Expert)

17 November 2021 Try to rectify as per bank records.

Bhai

Bhai (Querist)

17 November 2021 But Sir, actual interest received by me is more than as mentioned in Form 26AS.

Is form 26AS only for verifying Tax Credit.

Dhirajlal Rambhia

Dhirajlal Rambhia

(Expert)

17 November 2021 Check properly. The excess (interest received) might have been accrued interest of earlier years.

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)

17 November 2021 You may also check TIS statement and AIS statement in the IT portal apart from 26AS, wherein all the bank interest ,including those of SB a/cs, are also can be seen.

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