How to Rectify Missing Credits in Form 26AS

What is Form 26AS?

It is a consolidated tax credit statement issued by the Income Tax Department to the tax payer. Entries in the Tax Credit Statement (Form 26AS) are generated when a valid PAN number has been reported in quarterly TDS statements. It shows how much of your tax has been received by the IT Department and is consolidated from multiple sources like your salary/rent /professional / interest income etc.

Importance of Form 26AS

Form 26AS is important for claiming the credit of TDS/TCS deducted/collected by the deductor/collector which has been deposited to the account of the government. The deductor/collector should accurately file the TDS/TCS statement giving details of the tax deducted/collected on your behalf, Before Filing your Income Tax Returns it is mandatory to know your “Tax Credit” for that FY or AY.

How to Rectify Missing Credits in Form 26AS

There could be several reasons due to which you may find credits missing in your form 26AS. The reasons and ways to rectify the missing credits in your credit statement is as under:

Reasons for Mismatch Credits in Form 26AS:

1. Tax deductor / collector has failed to file periodic TDS returnor TDS / TCS statement
2. Deductee (you) had failed to provide PAN to the tax deductor / collector
3. You may have provided incorrect PAN to the tax deductor / collector
4. Tax deductor / collector has made an error in quoting PAN of the Deductee in the TDS / TCS return
5. The tax deductor / collector had missed to quote your PAN
6. Details of relevant challan were wrongly quoted in the TDS return by the deductor or were wrongly quoted in the challan details uploaded by the bank.

To rectify these errors in your form 26AS, you should contact tax deductor and request him:

1. To file the TDS return if it is still pending
2. To use a PAN correction statement in the TDS return and rectify the PAN
3. To furnish a revised TDS return in case the tax deductor had filed TDS return but inadvertently missed providing correct details or in case deductee had not given PAN before filing of the TDS return
4. To provide a correction statement if the deductor had filed a TDS return which had error in the challan
5. To take up with the bank to rectify any mistake in the amount in the challan uploaded by the bank.0

The GPK Advantage:  

GPK can help you in identifying the problem and obtaining the correct TDS credit. Saving taxes and filing income tax return accurately becomes very easy when you have professional help. We have a team of in-house tax experts who can accurately file your tax returns online while giving you maximum tax benefits.