What is a TDS certificate? What is Form 26AS ?

 

What is a TDS certificate?

1.     TDS certificate has to be issued by deductor to the deductee.

2.     Form 16, Form 16A, Form 16 B and Form 16 C      are all TDS certificates

3.     banks issue Form 16A to the depositor when TDS is deducted on interest from fixed deposits

Form	Certificate of	Frequency	Due date
Form 16	TDS on salary  payment	Yearly	31st May
Form 16A	TDS on non-salary  payments	Quarterly	15 days from due date of filing  return
Form 16B	TDS on sale of  property	Every transaction	15 days from due date of filing  return
Form 16C	TDS on rent	Every transaction	15 days from due date of filing  return

 

What is Form 26AS ?

• It’s statement where deductee can check whether the deductor has been deposited the tds amount to the government on behalf of deductee pan.
• This form is a consolidated tax statement which is available to all PAN holders
• Since all TDS is linked to your PAN, this form lists out the details of TDS deducted on your income  by each deductor for all kinds of payments made to you – whether those are salaries or interest  income – all TDS linked to your PAN is reported here.
• This form also has income tax directly paid by you – as advance tax or self assessment tax. 

 

 

1.     Form 26AS is a consolidated statement of the taxes you have already paid in the financial year and refunds due to you. You can download the statement from the Income Tax website (or TRACES website – a detailed step-by-step guide is included later in this article). The form includes taxes deducted at source, taxes collected at source, details about deductions on high-value transactions, advance taxes and tax deducted for sale of property among other deductions.

2.     Form 26AS is your single source for information on all the tax deductions made on your income.

3.     It is important to have Form 26AS handy while filing your tax returns and not just because it makes claiming tax credit easier. Form 26AS is also proof of the TDS deducted by your buyer, bank or employer since it also contains details of the deductors.

4.     You must make sure, the claims in Form 26AS match with all the taxes you have paid. There must be no difference in the TDS amount being claimed in your tax return and the TDS amount updated in Form 26AS.