Thursday, June 4, 2015

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. 

               Tax Payer can file his Income Tax return with the help of Form 26AS (if satisfied) without getting Form 16 or Form 16A from the Deductors. 

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

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