Form 26AS: Tax Credit Statement

Form 26AS Overview: Annual tax credit statement showing taxes deposited by the taxpayer. Accessed using PAN via Income Tax Portal. Contents of Form 26AS: Details of Tax Deducted at Source (TDS) and Tax Collected at Source (TCS). Summary of tax credits, advance, and self-assessment tax. Refund information and high-value transactions reported by financial institutions. Importance for Tax Filing: Ensures accurate tax deduction and transparency. Helps verify taxes paid, refunds, and financial transactions.

New Form 26AS Components: Part A: TDS details, including TDS with Form 15G/15H. Part B: TCS details. Parts C to H cover other taxes, refunds, financial transactions, and GST turnover. Transition to AIS: From AY 2023-24, details will be in the Annual Information Statement (AIS). Simplifies tax compliance and enhances transparency.

How to Download Form 26AS: Log in to TRACES website using PAN and password. Access Form 26AS under 'My Account' and select the assessment year. Download in HTML, PDF, or Excel format.

Troubleshooting TDS Discrepancies: Discrepancies may arise if deductor fails to report or inputs incorrect details. Deductor can file correction statement to rectify errors. Taxpayers should reconcile differences between actual TDS and Form 26AS.