Annual Tax Credit Statements (Form 26AS)
TRACES is a web-based application of the Income Tax Department that provides an interface to all stakeholders associated with TDS administration. It enables viewing of challan status, downloading of NSDL Conso File, Justification Report and Form 16 / 16A as well as viewing of annual tax credit statements (Form 26AS).
Deductors / Collectors and Tax Payers will have to register on TRACES to create their account and view functionalities enabled for each user. Deductors / collectors will be
able to view the status of challans. TRACES also enables deductors / collectors to view TDS / TCS credit and verify PAN of Tax Payers linked to the deductor / collector.
able to view the status of challans. TRACES also enables deductors / collectors to view TDS / TCS credit and verify PAN of Tax Payers linked to the deductor / collector.
Tax Payers will be able to view the annual tax credit for their PAN for the TDS / TCS amount deducted by deductors (Form 26AS). Tax Payers can also view if deductor has filed statement for a particular FY and Quarter and whether their PAN is included in the statement filed by deductor.
The portal is intended for use by the following types of users:
- Deductors / Collectors
- Tax Payers
Users will be able to login to TRACES after successful registration.
Deductors / Collectors:
A Deductor is a specified person who is responsible to deduct tax on particular types of payments being made by them as per the provisions of the Income Tax Act, 1961.
As per Income Tax Act, 1961, all corporate and government deductors / collectors are compulsorily required to file their TDS / TCS statements on electronic media (i.e., e-TDS / TCS statements). However, deductors / collectors other than corporate / government can file either in physical or in electronic form.
TRACES enables deductors / collectors to view status of challans and TDS-TCS credit for a PAN. They can also download NSDL Conso File, Form 16 / 16A and Justification Report after logging in to their account on TRACES.
Tax Payers:
TRACES enables a PAN holder to register and view tax credit (Form 26AS) online.
- Details in Form 26AS
- Details of tax deducted on behalf of the tax payer by deductors
- Details of tax collected on behalf of the tax payer by collectors
- Advance tax / self-assessment tax / regular assessment tax etc. deposited by the tax payers (PAN holders)
- Refund received during the financial year
- Details of transactions in Mutual Fund, Shares and Bonds, etc. (as reported by AIR filer) The portal aims to improve the overall service levels for deductors and tax payers by providing an interface with a range of online services accessible by users anytime, anywhere.
For more information and source click on: TRACES
