Generally, a salaried Individual pays tax in the form of Tax Deducted at Source or TDS. TDS is deducted by employer on monthly basis from the Salary of the employee. The Income Tax Department maintains the records of the total tax paid by the taxpayers. Form 26AS or Tax Credit Statement is an annual statement, that contains the details related to the tax credits of each taxpayer, as per the records maintained by the Income Tax Department. Form 26AS provides you the tax credit against the PAN of the Taxpayer.
Why do you need Form 26AS?
- It makes all the financial transactions, which includes TDS/TCS easy, for the relevant Financial Year.
- Your Form 26AS provides you the details related to the deductions claimed by the taxpayer.
- It contains the details of TDS defaults related to all TANs associated with your PAN.
- It helps in various Income Tax Return and Refund related issues.
- In non-TDS payments, it helps in verification CIN or Corporate Identity Number.
- It provides you the Income Tax Refund details fir the relevant Financial Year.
How can you view your Form 26AS?
You can view Form 26AS in two ways: –
- You can view and download your Form 26As from the official TRACES Website.
- You can also view your Form using net banking, if you PAN is linked to your bank account.