TDSMAN Blog

Smart & Easy TDS Software for Preparing TDS Returns

TDSMAN Blog - Smart & Easy TDS Software for Preparing TDS Returns

Viewing of TDS through form 26AS

How to view your TDS through form 26AS?

A taxpayer can view the tax credit or the tax that has been deducted on his behalf in the form of TDS. This information is available in Form 26AS and can be downloaded from the Income Tax website. It provides information about the tax deducted by various entities on behalf of the taxpayer.

Form 26AS contains details of tax deducted at source on salary, interest income, real estate or other investments, advance tax, refund received during the year and other related information.

The various ways to view one’s tax credit:

  1. Income tax e-filing website
  2. The TRACES website
  3. The taxpayer’s Internet banking access

Through income tax e-filing website

The site can be accessed on incometaxindiaefiling.gov.in. One must have a login id and password, or register on the website. On logging in, one can click on “My Accout/View Form 26AS”. On clicking the same, the user will be redirected to the TRACES website. The user will have to select the assessment year for which he wishes to view Form 26AS. The form will be displayed and can be downloaded.

Through the TRACES website

Visit http://contents.tdscpc.gov.in/en/home.html and click on the “Tax Payer” tab. Next, click on “register as new user” page and carry out registration process. On successful registration, an activation link and codes will be sent to the registered email id and mobile number. After clicking on the activation link and entering the code, one can login to the TRACES website and access Form 26AS.

Tax payer’s Internet banking access

A taxpayer who has Internet banking access with a bank authorised by the Income Tax Department to show tax credit, can use this facility. Log in to Internet banking and click on View Form 26AS. To know if a bank is authorised, one can visit http://contents.tdscpc.gov.in/en/netbanking.html.

Points to note

  1. View of Form 26AS through Internet banking is available only if the PAN is mapped to that particular account.
  2. Only a PAN holder whose TDS has been deducted or who has deposited tax (self assessment tax, advance tax, TDS on property) can register on TRACES

Source: The Economic Times

facebooktwittergoogle_plusredditpinterestlinkedinmail

Healthy Practices for Error-Free TDS Returns

Healthy practices for error – free TDS returns has been given below: 
  1. Deduction/ Collection of Tax at Correct Rates.
  2. Timely Deposit of Tax Deducted at Source.
  3. Accurate Reporting of data related to tax deductions/ collections made.
  4. Submission of TDS Statements within the due dates.
  5. Verification and Issuance of TDS Certificates within time.
  6. CPC (TDS) is now sending “Intermediate Default Communication” for PAN Errors and Short Payments, which can be corrected during the interim period of a week of filing TDS Statements, before CPC (TDS) proceeds with computing Defaults for the relevant statement.
  7. User-friendly Online Correction facility can be used for Correction of Deductees, Tagging Unmatched Challans and Payment of Fees/ Interest. (Please navigate to Defaults tab to locate Request for Correction from the drop-down menu. For any assistance, please refer to the e-tutorial available on TRACES).
  8. Aggregated TDS Compliance Report assists the PAN of the Deductor to administer TDS Defaults for associated TANs and to take appropriate action.
  9. The Deductor’s Dashboard provides you all necessary information to assist you in “Compliance Self-Assessment” and to take appropriate action.
  10. Non-filing Self-declaration can be made by navigating to Statements / Payments menu and submit details under Declaration for Non-Filing of Statements.
  11. PAN Verification and Consolidated TAN – PAN File facility on TRACES can be used for verifying the deductees.
  12. The Conso Files and Justification Reports downloaded from TRACES help you to identify errors in submission of revised Quarterly TDS Statements.
facebooktwittergoogle_plusredditpinterestlinkedinmail

Do’s & Don’t’s for TDS Returns

Given below are some dos and don’t for filing of TDS returns:

Dos

  1. Ensure that TDS return is filed with same TAN against which TDS payment has been made.
  2. Ensure that correct challan particulars including CIN and amount is mentioned.
  3. Correct PAN of the deductee is mentioned.
  4. Correct section is quoted against each deductee record.
  5. Tax is deducted at correct rate for each deductee record.
  6. File correction statement as soon as discrepancy is noticed.
  7. Issue TDS certificate downloaded from TRACES website.

Dont’s

  1. Don’t file late returns as it affects deductee tax credit.
  2. Don’t quote incorrect TAN vis-à-vis TDS payments.
facebooktwittergoogle_plusredditpinterestlinkedinmail
  • RSS
  • Facebook

Subscribe to get Latest Updates


Save your time and get all new posts and updates delivered to you in your Mailbox