What is Tax Credit? How to Verify Tax Credit Using Form 26AS

It is always a good practice to view the tax credit using Form 26AS before filing Income Tax Returns. But before starting with the process of verification of tax credit using Form 26 AS, let us discuss some basics first.

What is Tax Credit?

Tax credit is the amount of Tax Deducted (or Collected) at Source by a Payer (i.e Deductor or Collector) on an amount paid to the Payee (i.e. Deductee) while making a payment as per the provisions of the Income Tax Act. All advance taxes paid by the assessee also form a part of Tax Credit. It is an amount lying at your credit with the Income Tax Authorities.

This amount of TDS or TCS or Advance Tax can be set off against the tax liability which is payable on final assessment. Thus it is called Tax Credit.

What is Form 26AS?

Form 26AS is a window provided by the Income Tax Department where an assessee can see and verify the amount of his Tax Credit (i.e. the amount of TDS or TCS deposited to the Government account on its behalf). Form 26AS validates the fact that the amount deducted as TDS or TCS from the amount payable to the assessee was actually deposited to the Government account.

How to Verify Tax Credit with Form 26AS?

We will provide you with a step by step guide to view your tax credit using Form 26AS.

Logon to Income Tax E Filing Website

Go to https://incometaxindiaefiling.gov.in/

Click the link highlighted in the above image or just click ‘Login Here’

Login using your credentials in the screen shown below

After you have successfully logged in, click on My Account —> View Form 26AS(Tax Credit) as shown below

Next you will see a message which reads “You will be redirected to the TDS-CPC website to view Form 26AS”. Just click the ‘Confirm’ button below

Now you will be redirected to the TDS-CPC (TRACES) website which will look like this

Click on ‘View Tax Credit (Form 26AS)’ and you will land on a screen like this

Here you will be able to view your Tax Credit i.e Form 26AS with all details of TDS, TCS and Advance Tax deposited on your account.

So that was all about how to view tax credit using Form 26AS. Hope that this guide proved useful. Thanks for reading!

 

The Commerce Tutor

The Commerce Tutor is a Finance Blog where we post concepts relating to finance so that our readers are informed and empowered.

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