Form 26AS TDS: Updated Guide to Credits, Entries & Checks

Key Takeaways

• Form 26AS is your annual tax statement linked to your PAN. it records all tax-related transactions for a financial year. 
 

• It shows all TDS, TCS, advance tax, and refunds in one place. 
 

• You can claim TDS only if it appears in form 26AS. Reviewing the form before filing your ITR will help you avoid any errors. 

Bonus tip: 

It is important to check the form 26AS every quarter instead of not checking it until the ITR filing as it can help you to avoid any mismatches and potential tax notices. 

Form 26AS is like your tax passbook. It is a statement that shows all the taxes linked to your PAN during a financial year. To avoid any scary tax notices later, it is important to avoid any mistakes while filing your ITR and make sure no TDS is missed or wrongly reported. Match your income and tax details before filing your return to prevent future headaches. 

The Legal Basis: What Is Form 26AS?

Form 26AS is an annual tax credit statement provided by the Income Tax Department. It is linked to your PAN and records all tax-related transactions for a financial year.

It mainly shows:
 

• TDS deducted by your employer, bank, or client

• TCS collected on certain transactions

• Advance tax and self-assessment tax paid by you

• Income tax refunds received

• High-value financial transactions

Think of it as a single window where you can see whether the tax deducted from your income has actually reached the government.

Who Should Check Form 26AS?

Everyone who earns taxable income Should Check Form 26AS. You should definitely check Form 26AS if you are:

• A salaried employee
• A freelancer or consultant
• A business owner
• An investor earning interest or dividends
• Someone expecting a tax refund because any mismatch or missing TDS entry in Form 26AS can delay your refund or even lead to notices from the Income Tax Department.

Applicability of Form 26AS & TDS

If you earn income in India and tax is deducted or paid on it, Form 26AS applies to you. TDS is deducted only when your income crosses certain limits, which differ based on the type of income.

Major Components of Form 26AS

Form 26AS is divided into several parts that vary according to your tax situation. Here is an overview of the main parts you will find in your form 26AS. 

Understanding above mentioned parts of Form 26AS helps you accurately verify the tax credits and help you stay compliant with income tax rules.  

How TDS Appears in Form 26AS

When a deductor (employer, bank, client) deducts TDS:

1. They deposit TDS with the government.
2. File a TDS return quoting your PAN.
3. The credit reflects in Form 26AS.

Only TDS appearing in Form 26AS is allowed as credit in your ITR.

Example of a Salaried Individual:

Ravi earns a salary of ₹10,00,000 per year.
 

Ravi can claim the full TDS credit while filing his ITR.

Example of Interest Income from Bank:

Interest earned on FD: ₹1,50,000
TDS deducted @10%: ₹15,000

If the bank delays filing its TDS return, the amount will not reflect in Form 26AS, causing mismatch during ITR filing.

How to Check Form 26AS?

Form 26AS can be accessed via:

• Income Tax e-filing portal
• Net banking of authorized banks
• TRACES portal

Steps:

1. Login to Income Tax portal  (https://www.incometax.gov.in/iec/foportal/) by filling your PAN and Password.
2. Go to the 'e-file' in the navigation bar then Income tax returns and click on 'View Form 26AS’.
3. Read the disclaimer, click 'Confirm' and the user will be redirected to TDS-CPC portal.
4. In the TDS-CPC Portal, Agree the acceptance of usage. Click Proceed. 
5. Click View Tax Credit (Form 26AS). 
6. Select the ‘Assessment Year’ and ‘View type’.
7. Download or view online the form.

Once you download or view the Form, carefully review all the TDS, tax payments, and income details to ensure they match your records before filing your income tax return (ITR). 

Importance of Form 26AS Before Filing ITR

It is important to e-file form 26AS before filing ITR as it gives taxpayers a complete summary of their tax credits. Some of the benefits that you can avail by correctly reviewing the form are: 
 

In short, reviewing and relying on Form 26AS before filing your ITR helps ensure accurate tax reporting, smoother processing, and fewer chances of errors or notices later on. 

What To Do If TDS Is Missing in Form 26AS

If something doesn’t look right it may indicate that the deductor has not deposited the TDS, has filed incorrect details, or has not filed the TDS return. In such cases:

• Contact the deductor immediately

• Ask them to file or revise the TDS return

• Don’t claim TDS not reflected in Form 26AS

• Keep Form 16 / Form 16A safely

In short, timely follow-up with the deductor and proper documentation can help you get the TDS updated in Form 26AS and avoid issues while filing your income tax return.

Why TDS Mismatches Happen

There are various occasions where TDS information in the TDS statement may differ from what is available on Form 26AS. The most common reasons are listed below:

Understanding these common reasons helps you to  take the right action with the deductor and ensures that  Form 26AS is accurate with all the tax credits before filling the ITR.  

Conclusion

Form 26AS is an important document for every person who pays tax, as it provides a combined view of TDS, tax payments, and refunds linked to your PAN. Regularly checking Form 26AS helps you verify tax credits, match income details, avoid mismatches, and reduce the risk of notices or refund delays. By reviewing it carefully before filing your income tax return and promptly resolving any discrepancies, you can ensure accurate compliance  with the income tax rules. 

FAQs

1.What is Form 26AS? Where can I get that from?

Form 26AS is a consolidated tax statement linked to your PAN.It shows all the taxes that have already been paid on your behalf. You can view or download Form 26AS online for free. 

2. I have paid an Advance tax and it is not showing in form 26AS. What should I do?

This might have happened as the amount of tax deducted from salary is not correctly reported by the employer, TDS deduction is reported in the wrong section, or the amount deposited with the government as TDS is wrongly mentioned. Other reasons for such an error may be because of the wrong PAN being given to the deductor. A common mistake may include quoting the wrong Assessment Year or marking incorrect category of taxes paid while depositing advance tax or self-assessment tax can also lead to mismatch.

3- How long does it take Form 26AS to reflect TDS payment?

Form 26AS usually reflects TDS after the deductor files the TDS return, not immediately after tax is deducted.

4- Should I register as a taxpayer on the TRACES portal to view Form 26AS? When I try to view the tax credit form, it asks me to register as a deductor.

No, you should NOT register as a deductor to view Form 26AS. TRACES portal has different roles as taxpayer and as a deductor. If you choose the wrong option, the portal prompts you to register as a deductor, which is not applicable for salaried individuals or taxpayers.