Income Tax :- Value of Form 26AS to Deductor and Tax Payer
Friends, Form 26AS is a PAN ledger for Tax Payer. With the help of this 26AS Form, a Tax Payer can confirm himself whether the deductor has deposited TDS or not which was deducted from his payment by the deductor.
The TDS / TCS deducted by a deductor is reflected in Form 26AS of the respective PAN and this helps in identifying any discrepancy / error. Although deductor cannot view Form 26AS for a PAN, they can view the TDS / TCS deducted / collected by them.
The credits available in the tax statement confirm that:
- The tax deducted / collected by the Deductor / Collector has been deposited to the account of the government
- The Deductor / Collector has accurately filed the TDS / TCS return giving details of the tax deducted/collected on your behalf
- Bank has properly furnished the details of the tax deposited by you
- This consolidated tax statement (Form 26AS) is a proof of tax deducted / collected on your behalf and the tax directly paid by you