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It is important to review Form 26AS before filing your income tax return, as it comprises details of all taxes collected at source (TCS), advance tax, refunds received, high-value transactions, and taxes deducted at source (TDS) on your behalf by banks, employers, or others. View TDS/TCS credit: This facility has been provided to the deductor in order to verify whether the PANs, for which user is deducting TDS are getting the credit for the same or not. This feature is available for only those valid PANs for which TDS / TCS statement has been previously filed by the deductor. Deductor logs in to TRACES. Go to statement/ payment tab. Select view TDS/TCS credit. Enter the details and click on go Form 26AS is an essential document for taxpayers, providing a comprehensive view of the taxes deducted or collected on your behalf. Here are some of the reasons why Form 26AS is necessary: In order to promote transparency and simplifying the tax return filing process, CBDT vide Notification dated May 28, 2020 has amended Form 26AS vide Sec 285BB of Income Tax Act, 1961 r.w.r.114-I of Income Tax Rules, 1962 w.e.f. 01.06.2020. The new Form 26AS will provide a complete profile of the taxpayer for a particular year. 1. Mobile no., e-mail id, date of birth/incorporation and Aadhaar no. 2. Information relating to tax deducted or collected at source. 3. Information relating to ...
