TDS Compliances for the month of October 2017

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All tax deductions for September 2017 need to be deposited latest by 7th October 2017.

Filing of TDS Returns for the quarter ended September 2017 (FY:2017-18 Quarter 2) is already under way since 1st October and the last date for filing TDS Returns is 31st October 2017.

Last date for filing TCS return is 15th October and last date for issue of TCS certificate 30th October.

How to view your Form 26AS?

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Form 26AS can be downloaded from TRACES using the following steps:

  • First go to
  • Enter your Login Id (PAN), Password, Date of Birth (or year of incorporation) and the captcha code
  • Once logged in go to ‘My Account’. Click on ‘View Form 26AS’ in the drop down menu
  • Click on ‘Confirm’ button and you will be redirected to the TRACES website
  • Select the available checkbox on the screen and proceed
  • Click on the link at the bottom of the page that says ‘Click View Tax Credit (Form 26AS) to view your Form 26AS’. Here you have to choose the assessment year and choose either of the formats i.e. html or pdf
  • Password is asked for when opening the document which generally is your date of birth in DD/MM/YYYY format

What is Form 26AS?

What is Form 26AS?

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Form 26AS is the acknowledgement of receipt of Tax Deducted at Source (TDS), It shows the deducted amount which is the credit available against the Income Tax liability of the deductee. The deductee can download Form 26AS from TRACES website or directly from their income tax filing account on the Income Tax department’s e-filing website or from the Net banking facility of the authorised banks.

After filing of TDS return by the deductor a credit of the deducted amount will get reflected in the deductee’s  Form 26AS since the deductor had given the details like the amount payable, the  tax deducted, the PAN number, name and other details in the TDS returns.

The deductor will issue a TDS certificate to the deductee after filing TDS return. The deductee must compare the amount in the issued Form 16 with the amount in Form 26AS. In case of mismatch the deductee has to inform the deductor who in turn takes corrective actions. It has been observed that the most common reason for the incorrect credit reflected in Form 26AS is that the deductor has either not mentioned the PAN number or has mentioned incorrect PAN number in TDS return.

When the revised TDS return is filed by the deductor after making corrections, the credit gets reflected in Form 26AS in sometime. It’s a good practice to check Form 26AS and compare it with Form 16 before filing the income tax return. It may be noted that credit of Tax is based on Form 26AS and not the TDS Certificate.

How to view your Form 26AS?

TDS Computation When an Employee Works for 2 Companies (Employers) in a Financial Year

There are 2 types of scenarios in which an individual may be working for more than one employers in a financial year. they are as follows:

• When he changes his job
• When he is working for two employers simultaneously

In each case he has to furnish form 12B to one of the employers chosen by him. Form 12B contains the following information:

• Detail of the previous employers like its name, PAN number, TAN number
• The breakup of his salary
• Deductions related to Provident fund and details of rent free accommodation, if any
• Deductions under various sections like 80C, 80D, 80E, 80G and 24
• TDS on salary deducted by the employer
• Professional tax paid by the employer

It may be noted that Form 12B needs to be furnished irrespective of the fact whether TDS was deducted or not. Though it is not mandatory to submit Form 12B to the other employer, it is advised that the same may be done so that it becomes the liability of the second (new or simultaneous) employer to compute and deduct TDS at the average rate decided after consideration of details provided in Form 12B.