To accurately check TDS (Tax Deducted at Source) receivable, taxpayers typically utilize different official portals depending on whether the credit pertains to income tax or Goods and Services Tax (GST). For income tax, Form 26AS on the Income Tax e-filing portal is the primary document, while for GST, the GST Portal provides details of TDS/TCS credits received.
Understanding TDS Receivable
TDS receivable refers to the amount of tax that has been deducted by another entity (the deductor) on payments made to you, such as salaries, professional fees, or contractual payments. This deducted amount is then remitted to the government on your behalf and can be claimed as a credit against your final tax liability. Effectively tracking these receivables is crucial for accurate tax planning and compliance.
Checking TDS Receivable under Income Tax
For TDS deducted under the Income Tax Act, the most vital document is Form 26AS, often referred to as the Annual Information Statement (AIS) for TDS/TCS. It provides a comprehensive summary of all taxes deducted or collected on your Permanent Account Number (PAN) by various deductors.
What Form 26AS Shows:
- Details of tax deducted at source (TDS).
- Details of tax collected at source (TCS).
- Advance tax paid by the taxpayer.
- Self-assessment tax payments.
- Refunds received during the financial year.
- Details of high-value financial transactions (also covered in AIS).
Steps to Access Form 26AS via Income Tax e-filing Portal:
- Visit the Portal: Go to the official Income Tax e-filing portal.
- Log In: Use your PAN/Aadhaar number and password to log in.
- Navigate: After logging in, click on "e-File" in the menu bar.
- Select Service: From the dropdown, choose "Income Tax Returns" and then click on "View Form 26AS (Tax Credit)".
- Confirmation: You will be redirected to the TRACES (TDS Reconciliation Analysis and Correction Enabling System) portal. Confirm the disclaimer and click "View Tax Credit (Form 26AS)".
- Select Assessment Year: Choose the relevant Assessment Year for which you want to view the details and select "HTML" to view online or "PDF" to download the statement.
Access through Net Banking:
Many banks also provide a facility to view Form 26AS directly through their net banking portals, provided your PAN is linked to your bank account. Check your bank's specific online banking services for this option.
Checking TDS Receivable under GST
Under the Goods and Services Tax (GST) regime, certain government departments, local authorities, and specified persons are required to deduct TDS on payments made to suppliers for taxable supplies. Similarly, e-commerce operators collect TCS on behalf of suppliers. These credits can be checked and claimed on the GST Portal.
Steps to Check TDS and TCS Credit on GST Portal:
- Access the Portal: Navigate to the official GST Portal.
- Login: Login to the GST Portal with your valid credentials (GSTIN and password).
- Navigate to Returns: From the dashboard, click on Services > Returns > TDS and TCS credit received.
- Select Period: Choose the relevant financial year and the return filing period (month/quarter) to view the detailed statement of TDS/TCS credits available to you.
- Utilize Credit: Once accepted, these credits are reflected in your electronic cash ledger and can be utilized to offset your GST liability while filing your returns.
Reconciliation and Discrepancy Resolution
It is critical to regularly reconcile the TDS/TCS amounts shown in your official statements (Form 26AS, GST Portal) with your own accounting records.
- Importance of Reconciliation: This ensures that all tax deducted on your behalf has been correctly reported and credited to your account.
- Actions for Discrepancies:
- Contact the Deductor/Collector: If you find any mismatch, immediately contact the entity that deducted or collected the tax.
- Request Correction: Ask them to file a revised TDS/TCS statement (Correction Statement) to correct the error.
- Grievance Redressal: If the issue is not resolved, you may raise a grievance with the respective tax authorities through their online portals.
Key Points to Remember
- Timely Checking: Regularly review your TDS/TCS credits, especially before filing your income tax or GST returns, to avoid last-minute issues.
- Matching PAN/GSTIN: Ensure that the PAN (for income tax) or GSTIN (for GST) mentioned in the deductor's/collector's statement matches your own.
- Impact on Tax Liability: Properly claimed TDS/TCS credits reduce your overall tax payable, potentially leading to a refund if the credits exceed your tax liability.
| Aspect | Income Tax (TDS Receivable) | GST (TDS/TCS Credit Received) |
|---|---|---|
| Primary Document | Form 26AS, Annual Information Statement (AIS) | Electronic Cash Ledger (post-acceptance) |
| Access Portal | Income Tax e-filing Portal | GST Portal |
| Purpose | Claim against Income Tax liability | Offset GST liability |
| Deductor Types | Various entities/individuals | Government entities, e-commerce operators |
