How to Compliance, What are Penalties and Check Form 26AS in easy way?

The TDS (Tax) Deductor is bounded to issue TDS Certificate as well as deposit Deducted TDS (Tax) into Central Government Treasury through Bank by appropriate Challan. Secondly TDS Deductor is also mandatory to file TDs Return in respect to deduct TDS by fining of Return Quarterly within Due Date.

For non compliance of each and every part mentioned above, there is a separate penalty and consequences under the Income Tax Act-1961 as under:

1. For non issuance of TDS Certificate within a prescribed time, penalty is imposable u/s 272A (2) @ Rs. 100/- per day during which the failure continues. However, the amount of penalty cannot exceed the amount of tax deductible/deducted.
2. For non filing of TDS Return also, there is a penalty provision of Rs 100 per day. The recent Finance Act-2012 has imposed a fee of Rs. 200/- per day for late filing of TDS Return. Besides, a penalty of Rs. 10,000/- to Rs. 1,00,000/- is there for non filing or inaccurate filing of TDS return. The amendment is w.e.f 01.07.2012.

Without Quarterly TDS Return being filed by the Deductor, you will not be entitled for the Tax Credit in respect of TDS done from payment made to you. Also, unless and until the TDS return is filed by the Deductor, deductee will not be able to view the TDS Credit in Form No. 26AS.

There is a general grievance that in many cases the Bank and other Tax Deductor are either not filing the quarterly TDS return (or are not issuing the TDS certificate) despite many requests & reminders by the Deductees.

In such cases, Deductee can follow the following approach:
Write a letter to the Deductor incorporating:

• he details of payments done and the tax deducted therefrom.
• Provision of Section 203 which requires the Deductor for issue of tax certificate within one month from the date of tax deduction

Keep the proof of letter issued to the Deductor

If despite this, the certificate is not issued, write a letter to Joint Commissioner or Add. CIT of TDS wing who has jurisdiction over the Deductor mentioning the detailed facts elaborated above.

In this regard tax payee must check their Tax Credit in Form No. 26AS by registering your PAN at www.incometaxindia.gov.in. In the absence of availability of TDS in form No. 26AS it would be difficult for the Assessing Officer to grant the TDS Credit.

There are 3 way to see your Tax Credit Statement (Form 26AS Statement):

Now, PAN Card holder's Taxpayee can view their Tax Credit Statement (Form 26AS) by three way to generate proper Form 16A. The Tax Credit Statement (Form 26AS) are generated wherein valid PAN has been reported in the TDS statements. Tax Credits Statement (Form 26AS) can be viewed/accessed through 3 ways : 1. View Tax Credit from https://incometaxindiaefiling.gov.in Taxpayers who are registered at the above potal viz. https://incometaxindiaefiling.gov.in can view 26AS by clicking on 'View Tax Credit Statement (From 26AS)' in "My Account". The facility is available free of cost. For "New Registration", Click on 'Register' on the portal. The registration process is user-friendly and takes minimal time. View Demo 2. View Tax Credit (Form 26AS) from bank site through net banking facility The facility is available to a PAN holder having net banking account with any of authorized banks. View of Tax Credit Statement (Form 26AS) is available only if the PAN is mapped to that particular account. The facility is available for free of cost. View Demo List of banks registered with NSDL for providing view of Tax Credit Statement (Form 26AS) are as below 1. Allahabad Bank 2. Andhra Bank 3. Axis Bank Limited 4. Bank of Baroda 5. Bank of India 6. Bank of Maharashtra 7. Canara Bank 8. Central Bank of India 9. Citibank N.A. 10. City Union Bank Limited 11. Corporation Bank 12. HDFC Bank Limited 13. ICICI Bank Limited 14. IDBI Bank Limited 15. Indian Overseas Bank 16. Indian Bank 17. Karnataka Bank Limited 18. Kotak Mahindra Bank Limited 19. Oriental Bank of Commerce 20. State Bank of Bikaner & Jaipur 21. State Bank of Hyderabad 22. State Bank of India 23. State Bank of Mysore 24. State Bank of Patiala 25. State Bank of Travancore 26. Syndicate Bank 27. The Federal Bank Limited 28. The Karur Vysya Bank Limited 29. The Saraswat Co-operative Bank Limited 30. UCO Bank 31. Union Bank of India 32. United Bank of India 33. Vijaya Bank 3. View Tax Credit (Form 26AS) from TIN website The facility is available to PANs that are registered with Tax Information Network for view of 26AS statement. The PAN holder has to fill up an online Registration form for such purpose. Thereafter, verification of PAN holder's identity is done by the TIN-Facilitation Centre personnel either at PAN holder's address or at the TIN-facilitation center that has been chosen by the PAN holder. The verification involves a cost at prescribed rates. Once authorised, the PAN holder can view Tax Credit Statement online.