Useful to verify if taxes deducted have been passed on to Govt account

K.R. Srivats

On-line facility


Online access

to the tax statement can be obtained by following a prescribed registration procedure at the Tax Information Network (TIN) Web site.

Registration would

be a one-time activity.

Tax Statement

would include the details of TDS, TCS and self-assessment tax deposited in the bank by the PAN holder.

New Delhi, March 27

Not sure if your employer has actually paid to the exchequer the taxes deducted from your salary every month? Not sure if the bank has properly furnished to the tax department the details of the self-assessment tax/advance tax paid by you to the bank?

The Income-Tax Department has come to the aid of the taxpayers on this issue by enabling them to corroborate and verify whether the taxes deducted or paid directly in the designated bank have actually been passed on to the central exchequer or not.

A taxpayer (PAN holder) can now view the Annual Tax Statement (Form 26AS) online. Form 26AS is a consolidated tax statement that would be issued under the income-tax rules to PAN holders. This form is to be prepared with respect to financial year 2005-06 onwards.

Registration procedure

The facility of online access to the Annual Tax Statement could be obtained by following a prescribed registration procedure at the Tax Information Network (TIN) Web site and the registration would be a one-time activity.

The Annual Tax Statement would include the details of tax deducted at source (TDS), tax collected at source (TCS) and self-assessment tax deposited in the bank by the PAN holder.

It would be useful to taxpayers as the credits available in the Form 26AS would confirm that the tax deducted has been deposited to the account of the Government; the deductor/collector has accurately filed the TDS/TCS statement giving details on the taxpayer's behalf and that the bank has properly furnished the details of the tax deposited by the taxpayer.

In future, the Form 26AS would be a proof of tax deducted on behalf of the taxpayer and the tax directly paid by the taxpayer along with the income-tax return, as the Government plans to dispense with, in due course, the need to submit TDS/TCS certificates and tax payment

challans

along with income-tax returns.

However, for financial year 2005-06, the taxpayer would be required to enclose TDS/TCS certificates (form 16/16A) issued by the deductor for claiming the credit for tax deducted/collected at source during the current financial year.

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(This article was published in the Business Line print edition dated March 28, 2006)
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