Form 26AS: Tax Credit Statement
Form-26AS is a consolidated Tax Credit Statement which provides the following details to a taxpayer.
- Details of taxes deducted from the taxpayer’s income.
- Details of taxes collected from taxpayer’s payments.
- Advance Taxes, Self Assessment Taxes and Regular Assessment Taxes paid by the taxpayers.
- Details of the refund received during the year.
- Details of any high-value transactions (for eg. Shares, Mutual Funds, etc.).
It is very important to check Form-26AS before e-filing the Income Tax Return because no one would want their tax credits to be unclaimed. Other important income tax documents include Form 16, Form 12BB, Form 10BA and Form 15G/ 15H.
Here’s a sample Form-26AS:
Components of Form-26AS:
Part A: Contains the details regarding Tax Deducted at source including Name and TAN of Deductor, Total Amount Paid, Tax Deducted and Deposited.
Part A1: Contains the details regarding Tax Deducted at Source in case Form 15G / 15H has been submitted by the deductee.
Part A2: Contains the details regarding Tax Deducted at Source on Sale of Immovable Property u/s 194IA (For the seller of Property).
Part B: Has the details regarding Tax Collected at Source.
Part C: Contains the details of any Taxes paid other than TDS/TCS, i.e., Advance Tax, Self-assessment Tax.
Now, under Part A and Part B, there’s a column for ‘Status of Booking’. Here are the specifications regarding that:
As the name suggests, the status-U means that there was a discrepancy in your Form-26AS. Either your deductor has not deposited your taxes or the particulars are incorrect or unfinished. It will be changed only when the details of the bank match with the details of the deposit in the TDS/ TCS statement.
This Tax credit is applicable to the TDS/TCS statements that are filled by government deductors. It will change to ‘F’-Final only when the Pay and Accounts Officer (PAO) submits the verification of payment details.
This initial is seen when the TDS/TCS details are verified and there are no errors.
In the case of non-government deductors, it means that the payment details mentioned in TDS/TCS filed by the deductor match with the payment details of the same deposited in Bank.
In the case of government deductors, it means that that payment details of TDS/TCS match with the same submitted by Pay and Accounts Officer (PAO).
1. Can I claim TDS in my return without Form-16?
Yes, the tax credit in your case will be reflected in your Form-26AS and, hence, you can check Form-26AS and claim the credit of the tax accordingly. However, the claim of TDS to be made in your return of income should be strict as per the TDS credit being reflected in Form-26AS. If there is any discrepancy in the tax actually deducted and the tax credit is reflected in Form-26AS then you should intimate the same to the deductor and should reconcile the difference. The credit granted by the Income Tax Department will be as per Form-26AS.
2. What to do if the TDS credit is not reflected in Form-26AS?
Non-reflection of TDS credit in Form 26AS can be due to several reasons like the non-filing of the TDS statement by the payer, quoting incorrect PAN of the deductee in the TDS statement filed by the payer. Thus, in case of non-reflection of TDS credit in Form 26AS, the payee has to contact the payer for ascertaining the correct reasons for the non-reflection of the TDS credit in Form 26AS.
3. How to resolve unmatched entries in Form-26AS?
There can be one or more of the following reasons why your Form-26AS shows ‘U’-unmatched status.
- Deductor/Collector did not file TDS/TCS Return.
- Deductor/Collector has not/incorrectly quoted your PAN in the TDS/TCS Return.
- You have not provided your PAN or your provided PAN is incorrect.
Take the following steps in such cases:
- Cross-check the TDS information on Form-16 &/or Form-16A with your Form-26AS.
- Ask your deductor to revise the TDS return.
- Once they do it and it’s submitted to the department, ask them to update your TDS details.