Discrepancy Between Form 16 & Form 26AS

As most of us who pay income tax know, we have to file our IT returns with the help of Form 16 when tax season arrives. However, one step that most of us overlook is to ensure that all the details in the Form 16 are accurately matched with Income Tax Form 26AS . A Form 26AS is an annual statement of all the taxes you’ve paid. It is a consolidated tax statement created as per your details within the Income Tax database. So basically, it is all the tax information that the IT department has on you.What you need to ensure is that this information in the Form 26AS is accurately matched with the details you submit during IT filing.

Well, if Form 26AS is so important in finding out discrepancies in taxes paid, how does one view it? The answer is simple. You can easily check your Form 26AS online using the government portal for income tax.- Visit the e-portal for tax filing - https://incometaxindiaefiling.gov.in - Login using your username and password. If you haven’t registered, you can do so by clicking on the Register Yourself button on the top right corner.- After log in, you will be on your dashboard. Go to ‘My Account’ and click on ‘View Form 26AS’- From here on you will be directed to the TRACES website.- After verification you can enter the assessment year that you want the form for and download your Form 26AS using your date of birth in DD/MM/YYYY format as your password.Once you have your Form 26AS, you can check the form against your ITR filing and look for discrepancies. Ensure that the actual TDS amount deducted is the same as the TDS credit shown in the form.

If you do notice a mismatch in Form 26AS, you can approach your employer or respective deductor and point out the errors in the form. They can then submit a TDS or TCS correction statement to the IT department to get the error corrected. The online portal can be used for the same and it allows the deductor to mention a reason for mismatch.

Checking for mismatch and correcting those errors in Form 26AS is an important step of ITS filing. If you do not do this, then the discrepancy could cause delays in filing your IT returns and the actual amount you paid as taxes may not even be credited accurately. Therefore, it is prudent to follow the above vital steps to avoid any hassles.Ready to make the most of your money? Start your tax planning journey now!

The information contained herein is generic in nature and is meant for educational purposes only. Nothing here is to be construed as an investment or financial or taxation advice nor to be considered as an invitation or solicitation or advertisement for any financial product. Readers are advised to exercise discretion and should seek independent professional advice prior to making any investment decision in relation to any financial product. Aditya Birla Capital Group is not liable for any decision arising out of the use of this information.