A tax credit statement consists of three parts, namely A, B and C. The first part, Part A, has information about TDS. The details of payment made to the assessee by different deductors are listed with name and TAN number, date of payment and the amount deducted because of the payment. Part B is about TCS. The details of tax collected because of goods sold to the assessee are listed here. Part C contains information about tax paid by the assessee. You will find details like the Challan serial number, the BSR code and the date of payment.
The credits available in the tax statement confirm that the tax deducted/collected has been deposited to the account of the government. Moreover the deductor/collector has accurately filed the TDS/TCS statement giving details of the tax deducted/collected on assessee's behalf and the bank has properly furnished the details of the tax deposited by the assessee. Further it also helps to avoid demand notice from the Income Tax Department.
In case of any discrepancy in the above mentioned data taxpayer would stand to loose the credit for the amount of taxes duly paid by them. It may also result in demand notices and many other repercussions which makes it very important for a taxpayer to get it corrected and avail the due credit.
Our experts would help you in checking your tax credit status from Tax Credit Statement (26 AS) and follow the process to get it corrected if required. It will include checking (a) Tax Deducted at Source, (b) Advance Tax Payment and (c) Self assessment Taxes.
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