Income tax credit statement is also termed as Form 26AS. It is just like a annual statement which displays total taxes paid by you for any financial year. Any one can view this statement online if PAN is available.
Remember even though if you are not filing Income Tax return, then also Form 26AS will be generated for you. Having a look on Form 26AS will actually give you a deep insight on all the financial transactions performed by you. All these transactions are tracked via your PAN card.
Income Tax Statement is some times referred as tax credit details. In order to view total taxes paid, please visit www.tin-nsdl.com which maintains tax credits for any financial year. Of course you need to register yourself on this site if you are trying to view Form 26AS for the first time. There is no charge for viewing Tax Credit online. For registration PAN card is necessary.
Also you have to visit the nearest TIN-FC office and submit your PAN Xerox copy along with a fee of Rs.15 plus applicable taxes around Rs.2 making a total charge of Rs.17. If you are not interested to visit TIN office, then you can also request TIN offcial to visit your residence to verify PAN. For this a charge of Rs.100 + some taxes will be applicable. This is just for one time verification. Later onwards you can always view your Form 26AS free of cost.
Another way to view Form 26AS is via your net banking account. To provide this facility to net banking account holder, bank should get registered them self with National Securities Depository Limited (NSDL). All major banks in Inida are providing this facility to their net banking users. Log in to your net banking account. I am assuming that you have already given PAN number to your bank so that it can be linked in online banking account. You will find a link like Income Tax Statement. Just click on it to view Form 26AS.
There is one more way to view Form 26AS. I think this is the best and most easiest way to view and download Form 26AS. Visit Income Tax India efiling offcial website https://incometaxindiaefiling.gov.in/ and register yourself (if you are new) so that this service can be availed. Go to My Account Menu. You will find a link named View Tax Credit Statement (Form 26AS). If you are going to download Form 26AS as PDF then do remember that the password to open that file is your date of birth in the format DDMMYYYY. For instance if your date of birth is 12th February 1988, you have to enter 12021988.
In future, you will be able to use this consolidated tax statement (Form 26AS) as a proof of tax deducted/collected on your behalf and the tax directly paid by you along with your income tax return, after the need for submission of TDS/TCS certificates and tax payment challans along with income tax returns has been dispensed with by the Income Tax Department (ITD).
Actually the Form 26AS (Annual Tax Statement) is divided into four or five parts. It all depends upon which type of transactions you are performing.
Part A displays details of tax which has been deducted at source (TDS) by each person (deductor) who made a specified kind of payment to you. Details of the deductor (name & TAN) along with details of tax deducted like section under which deduction was made (e.g. section 192 for salary), date on which payment was effected, amount paid/credited, tax deducted from payments and deposited in the bank are included in this part.
Part B displays details of tax collected at source (TCS) by the seller of specified goods at time these goods sold to you.
Part C displays details of income tax directly paid by you (like advance tax, self assessment tax) and details of the challan through which you have deposited this tax in the bank.
Paid Refund displays details of refund paid by Income Tax Department (ITD) namely assessment year for which refund is paid, mode of payment, amount of refund and date of payment.
Details of transaction of Mutual Fund, Shares and Bonds (as reported by AIR filer) - displays details of high value financial transactions done by you as reported in AIR filer. This will not appear at all if such transactions are not executed.
Form 26AS is very helpful for filing income tax returns. As a beginner in the tax world, you must get some basic idea regarding this form. Also if Income Tax department is going to provide refunds to you, then those details can also be seen in your Form 26AS. Have any queries? then let me know via commenting below.
Remember even though if you are not filing Income Tax return, then also Form 26AS will be generated for you. Having a look on Form 26AS will actually give you a deep insight on all the financial transactions performed by you. All these transactions are tracked via your PAN card.
Income Tax Statement is some times referred as tax credit details. In order to view total taxes paid, please visit www.tin-nsdl.com which maintains tax credits for any financial year. Of course you need to register yourself on this site if you are trying to view Form 26AS for the first time. There is no charge for viewing Tax Credit online. For registration PAN card is necessary.
Also you have to visit the nearest TIN-FC office and submit your PAN Xerox copy along with a fee of Rs.15 plus applicable taxes around Rs.2 making a total charge of Rs.17. If you are not interested to visit TIN office, then you can also request TIN offcial to visit your residence to verify PAN. For this a charge of Rs.100 + some taxes will be applicable. This is just for one time verification. Later onwards you can always view your Form 26AS free of cost.
Another way to view Form 26AS is via your net banking account. To provide this facility to net banking account holder, bank should get registered them self with National Securities Depository Limited (NSDL). All major banks in Inida are providing this facility to their net banking users. Log in to your net banking account. I am assuming that you have already given PAN number to your bank so that it can be linked in online banking account. You will find a link like Income Tax Statement. Just click on it to view Form 26AS.
There is one more way to view Form 26AS. I think this is the best and most easiest way to view and download Form 26AS. Visit Income Tax India efiling offcial website https://incometaxindiaefiling.gov.in/ and register yourself (if you are new) so that this service can be availed. Go to My Account Menu. You will find a link named View Tax Credit Statement (Form 26AS). If you are going to download Form 26AS as PDF then do remember that the password to open that file is your date of birth in the format DDMMYYYY. For instance if your date of birth is 12th February 1988, you have to enter 12021988.
What exactly Form 26AS contains?
- Details of tax deducted on behalf of the taxpayer by deductors.
- Details of tax collected on behalf of the taxpayer by collectors
- Advance tax/self assessment tax/regular assessment tax, etc. deposited by the taxpayers (PAN holders)
- Paid refund received during the financial year.
- Details of transaction of Mutual Fund, Shares and Bonds.
How Form 26AS help tax payers:
- It helps in preparing income tax returns
- Verify detail of tax deducted at source (TDS)
- Verify detail of tax collected at source
- Verify detail of tax payment made by taxpayer (advance tax/self assessment tax)
- Details of paid refund received during the financial year
In future, you will be able to use this consolidated tax statement (Form 26AS) as a proof of tax deducted/collected on your behalf and the tax directly paid by you along with your income tax return, after the need for submission of TDS/TCS certificates and tax payment challans along with income tax returns has been dispensed with by the Income Tax Department (ITD).
Actually the Form 26AS (Annual Tax Statement) is divided into four or five parts. It all depends upon which type of transactions you are performing.
Part A displays details of tax which has been deducted at source (TDS) by each person (deductor) who made a specified kind of payment to you. Details of the deductor (name & TAN) along with details of tax deducted like section under which deduction was made (e.g. section 192 for salary), date on which payment was effected, amount paid/credited, tax deducted from payments and deposited in the bank are included in this part.
Part B displays details of tax collected at source (TCS) by the seller of specified goods at time these goods sold to you.
Part C displays details of income tax directly paid by you (like advance tax, self assessment tax) and details of the challan through which you have deposited this tax in the bank.
Paid Refund displays details of refund paid by Income Tax Department (ITD) namely assessment year for which refund is paid, mode of payment, amount of refund and date of payment.
Details of transaction of Mutual Fund, Shares and Bonds (as reported by AIR filer) - displays details of high value financial transactions done by you as reported in AIR filer. This will not appear at all if such transactions are not executed.
Form 26AS is very helpful for filing income tax returns. As a beginner in the tax world, you must get some basic idea regarding this form. Also if Income Tax department is going to provide refunds to you, then those details can also be seen in your Form 26AS. Have any queries? then let me know via commenting below.
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