Form 26AS is a statement which shows income tax credit for a particular permanent account number or PAN. It shows all tax payments like advance tax, self assessment tax, penalty paid if any, tax refund and tax deducted at source.
At the end of the year or during the year, a particular person having a permanent account number can know how much tax credit he or she has for the financial year and based on that they can derive final tax liability for the year before filling IT return.
Employees can also cross check form 26AS with their salary slips periodically to know whether their employer has deposited the TDS amount that has been deducted from their monthly salary or not.
Form 26AS can be accessed from income tax department’s website by logging in with PAN number, password and date of birth. Companies and firms are required to enter date of incorporation in place of date of birth to login.
If you have not yet registered your PAN then we suggest you to register first and then avail these benefits. Form 26AS can also be accessed from the person’s net banking account and even from NSDL sites.
TDS certificates i.e. form 16 and 16A must be cross checked with form 26AS. Even though form 16 and 16A is downloaded from Income tax department’s website and sent to assessee. We suggest all taxpayers to cross check date of deduction, amount deducted and other details before filling IT return.
If you know any TDS amount which is not reflecting in form 26AS then take up this matter with the person who has deducted. If you did not get anything after taking up this matter with the deductor then inform income tax department on this issue.
In certain cases you will find that figured as mentioned in form 16 and/or form 16A is not matching with form 26AS. In these types of situations, if you file your tax return with higher tax credit instead of taking up this matter with the concern department then you have to be prepared for IT scrutiny notice. So resolve these issues before IT return filling.
You are also required to check status of each entry that is reflecting in form 26AS. If it shows as status F then the entry is in final status. If instead of F, the status is U then the deductor has done some mistake.