23 May 2011: The Income Tax Department has launched an online service called ‘Form 26AS’, exclusively for the tax payers to view the tax credit statement online and check your income tax credit status regularly. All the tax payers are required to make use of this Form 26AS effectively by checking it regularly and take corrective measures, if required in cases where, the claims made by tax payers differ from what the deductor states and in some other cases like, your income tax is deducted in excess, but the refund is delayed.
This Form 26AS contains details of tax deducted or collected on behalf of tax payers, advance tax / self-assessment tax / regular tax assessment, etc. deposited by tax payers (PAN holders), payment of refund during financial year and high value transactions in respect of shares, mutual fund etc.
By regularly checking the Form 26AS, correct credit for the taxes paid/deducted can be ensured. This will help to avoid tax demand notices from the Income Tax Department and for seamless processing of Income Tax Return and speedy issue of funds.
The Form 26AS can be viewed by registering for e-filing on www.incometaxindiaefiling.gov.in. This registration is immediate, without any cost and does not obligate e-filing. This 26AS can also be viewed through net banking facility of 19 authorized banks or through registration with NSDL.
In case if your tax deduction is not reflected in your Form 26AS, ask the deductor to file the TDS statement / correction statement at TIN – Facilitation centers.
Source: The Hindu