- December 2013
- October 2013
Ruby Jacob, 23 Feb 2013
The Finance Ministry has unveiled another user-friendly initiative for tax payers. Now you can view your advance tax credit and TDS credit on all income tax deducted and paid to the government on your behalf through a new web portal TRACES launched by the Income Tax Department.
TRACES has a rather long full form- TDS Reconciliation, Analysis and Correction Enabling System. However it is set to make viewing TDS status online easy for both tax payers and correcting TDS certificates for tax deductors.
You can visit TRACES website by clicking https://www.tdscpc.gov.in. To view your Form 26AS online you must first register as a Tax Payer. Registration is simple- you need to provide your PAN, communication details and other such primary information. During registration as new user you must choose a user id and check if the same is available for your PAN and also provide a password.
Form 26AS is a consolidated statement from the I-T Department showing credit of Tax Deducted at Source (TDS) on your behalf by your employer on salaries, by banks on your FD or on any other payment your receive where TDS is applicable. Form 26AS also reflects any advance tax you might have paid.
Keep tab on your Form 26AS
It is important to make it a practice to verify Form 26AS at least once a year before filing Income Tax Returns. The reason is simple- to verify that the amount in TDS certificate provided by your deductors has been actually deposited and is matching what the I-T department is showing credit for.
It might happen that there is mismatch in credit in Form 26AS and TDS certificate. This can be for many reasons like incorrect quoting of PAN in TDS return, incorrect filing of TDS returns, non-filing of TDS return by deductors etc.
Checking Form 26AS has many benefits. In case you come across any mismatch you can go back to the deductor, say your employer, and demand re-filing of TDS return so that it is reflected correctly in Form 26AS. It is important to note that the I-T department only acknowledges the amount in Form 26AS as tax paid and not the amount in your TDS certificates (although it is supposed to acknowledge the latter!)
Earlier you could view your TDS status credit online at the Income Tax Dept's e-filing site or through net banking facility of your bank registered with NSDL for the same. TRACES, inaugurated on 23 February 2013, will allow you to view Form 26AS online as well however its uniqueness is that it will allow deductors to view, download and make corrections in TDS certificates- Form 16 and Form 16A to make reconciliation in case there are mismatches or errors.