Tax Credits

The Tax Credits schedule shows all the details of the tax deducted, collected, and deposited with the government against your PAN. The different types of Tax Credits are:

  1. Taxes Paid by you.
  2. Taxes Deducted at Source from your Income (TDS)
  3. Taxes Deducted from your Salary (Form 16)
  4. Taxes Collected at source from your Expense (TCS)

These details are shown in form 26AS. Form 26AS is your annual consolidated tax passbook containing all the details of tax that has been deposited against your PAN.
It usually contains tax deducted by your employer, banks, and advance-tax and self-assessment taxes paid by you.

Let us have look at the above types in detail and also what details are to be entered in the same.

  1. Taxes Paid by you:
    It is summary of the payment of advance-tax and tax on self-assessment.
    Fill out the details of payment and enter the challan details such as BSR Code of the bank branch (7 digits), date of deposit, challan serial No., and amount paid.
  2. Taxes Deducted at Source from your Income (TDS):
    It is summary of the tax deducted at source on income other than salary. Please furnish the details in accordance with Form 16A, Form 16B or Form 16C issued by the Deductor in respect of interest income, capital gains, rental income or any other sources of income.
    All the details such as Year of deduction, Amount credited, TDS deducted, TDS claimed in own hands in the current year, etc should be entered in this part of schedule.
  3. Taxes Deducted from your Salary (Form 16):
    It is summary of the tax deducted at source on salary. This contains details of tax deducted by your employer from your salary. It contains TAN number, name of your employer (present and former), employer wise break-up of the income chargeable under the head salary and tax deducted at source (TDS) by each of them.
    Please furnish the details in accordance with Form 16 issued by the employer(s) in respect of salary income.
  4. Taxes Collected at source from your Expense (TCS):
    It is summary of the tax payable by a seller which he collects from the buyer at the time of sale. The seller would have issued you Form 27D for the tax collected from you and deposited against your PAN. Section 206C of the Income-tax act governs the goods on which the seller has to collect tax from the purchaser.
    Fill out the details of tax collected at source on the basis of TCS certificates (Form No. 27D) issued by the Collector in this part of schedule.

3 thoughts on “Tax Credits

  • Edward Furtado says:

    My 26AS shows interest payment made to me by a bank which is not tallying with the actual interest paid by the bank to me . However TDS is not deducted as I have submitted the Forme H. Please let me know how to correct the mismatch. Can I file the return without rectifying the mismatch in the form 26AS.

    • The mismatch might be due to Interest accrued but not paid by bank and the interest accrued and paid. Its suggested to declare the total interest accrued.

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