A taxpayer may pay tax in any of the following forms:
(1) Tax Deducted at Source (TDS)
(2) Tax Collected at Source (TCS)
The Income-tax Department maintains the database of the total tax paid by the taxpayer (i.e., tax credit in the account of a taxpayer). Form 26AS is an annual statement maintained under Rule 31AB of the Income-tax Rules disclosing the details of tax credit in his account as per the database of the Income-tax Department. In other words, Form 26AS will reflect the details of the tax credit appearing in the Permanent Account Number of the taxpayer as per the database of the Income-tax Department. The tax credit will cover TDS, TCS and tax paid by the taxpayer.
Income-tax Department will generally allow a taxpayer to claim the credit of taxes as reflected in his Form 26AS. Click here to learn the steps to view/download Form 26AS.
For further queries or support, you can drop an e-mail at support@myITreturn.com