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Verify your tax details online at Income Tax India, TIN and bank websites

Posted on October 01 2020


With just four day left to file the income tax returns, many of the taxpayers are busy making their final calculations, visiting their tax consultant and filling up the income tax returns form. Before filing the income tax return forms, you are required to deposit the balance tax due and interest, if there is any. This amount is based on your tax liability for the year, after taking into account the advance tax paid and the tax deducted at source.

Of late, the scope of tax deduction at source has been increased and which includes salary, rent, interest, professional services etc. So, while preparing the income tax returns and calculating the tax debt, you should take into account the tax amount which is deducted on your behalf. Now, an easy way to do this is to refer to the 26AS statement which is applicable on the NSDL site and is also available online on the websites of many banks.

http://articles.economictimes.indiatimes.com/images/pixel.gifAccording to a recent advice issued by the Income Tax Department, the taxpayers should audit their 26AS statements to check whether all the TDS deducted is appearing against their accounts or not. This would facilitate faster processing of refunds, if any.
Tax credit statement

The Income Tax Department facilitates a PAN holder to view its tax credit statement i.e, Form 26AS online. Form 26AS contains details of tax deducted on behalf of a taxpayer by the deductors, the details of tax collected on behalf of a taxpayer by the collectors and advance tax, self-assessment tax which regular the assessment tax etc deposited by a taxpayers.

It also has the details of all the refunds received during a financial year and the details of high-value transactions which involves shares, mutual funds etc.

A Form 26AS is generated wherever a valid PAN is furnished in a TDS statement.

Accessing Form 26AS

The tax credit statement, Form 26AS can be collected in these ways:

IT website

You can view your tax credit and those who are registered on the government site which can view the Form 26AS by clicking on the 'View Tax Credit Statement (From 26AS)' in 'My Account'. The facility is applicable at free of cost.

Bank website

You can even view it on a bank's website through the Internet banking facility. The facility is applicable to a PAN holder with an Internet banking account with any authorised bank. Form 26AS will be applicable only if the PAN is mapped to that particular account. The facility is applicable for free of cost.

TIN website

This facility is applicable to a PAN holder whose PAN is registered with the Tax Information Network to view the Form 26AS. The PAN holder has to fill up an online registration form for this purpose. Then, the verification of the PAN holder's identity is done by the TIN facilitation centre personnel either at the PAN holder's address or at the TIN facilitation centre which has been chosen by the PAN holder. The verification involves a cost at the recommended rate. Once the PAN holder is authorised then he can view his tax credit statement online here.

Credit confirms tax deducted

The credits in the tax statement confirm that:

The tax deducted by the deductor or the collector has been deposited with the government.The deductor or the collector has filed the TDS/TCS statement precisely giving the details of the tax deducted or the collected on your behalf. The bank has furnished the all details of the tax deposited by you precisely.

TIN system

Every entity that has deducted or collected tax at source is required to deposit the tax with the government through a bank. A bank will upload this payment-related information in the TIN central system. The deductors are also required to file a quarterly statement with the TIN giving details of their TDS/TCS.

The TIN central system will match all the tax payment related information in the statement along with the tax receipt information from the bank. If they match then the TIN will create a complete ledger for each PAN holder giving all the details of the tax deducted or collected on the basis of every deductor who has filed a statement.

In future, you will be able to use this developed tax statement i.e, Form 26AS as a proof of tax deducted or collected on your behalf, and the tax directly paid by you along with your income tax returns, after the demand for the submission of the TDS/TCS certificates and the tax payment challans along with the income tax returns which has been allotted with by the Income Tax Department.

Tax Assist is a professional income tax consultancy in India for both corporate houses and individual tax payers; the latter comprising Salaried Individuals, Seafarers, Professionals and Non Resident Indians. 
With the help of Tax Assist and its team of income tax professionals, taxpayers can minimize their Income Tax liability, maximize their net income and create opportunities to save for current and future needs while maintaining proper accounting standards and income tax returns which are compliant with the Law.


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