Objectives of TRACESīelow-mentioned are some basic objectives of TRACES:

It is designed to provide services to tax deductors, taxpayers, and collectors. The Tax Deductors and Collectors System is a web-based portal maintained by the Income Tax 26as Traces. The information in Form 26AS is used to match the tax credit claimed by the taxpayer with the taxes paid to the government. It also includes details of any refunds received by the taxpayer. This statement includes taxes paid, deducted, and collected by the government. What is Form 26AS?įorm 26AS is a statement that contains details of tax credits received by an individual or a company during a financial year. Taxpayers must check the information in Form 26AS before filing their Income Tax Return to ensure that all the transactions have been reported correctly. It serves as an essential record for taxpayers as it aids in verifying the tax credit claimed in the Income Tax Return and reconciling tax paid with the Tax Liability. It can be accessed through the Tax Deductors and Collectors System (TRACES) portal by using the taxpayer's Permanent Account Number (PAN). The income tax Department generates the document. Furthermore, it also showcases information regarding refunds received and high-value transactions. It is a comprehensive statement that includes Taxes paid, such as Tax Deducted at Source (TDS), Tax Collected at Source (TCS), and self-assessment tax. Understanding and Utilising the TDS Transactions Record through TRACES Updated on J, 181 viewsįorm 26AS is a document that summarizes tax-related information for a particular financial year. Is it necessary to check Form 26AS before filing my income tax returns? Do I need to provide any additional documents while accessing Form 26AS? Can I access Form 26AS of a previous financial year? What is the difference between regular Form 26AS and TDS Traces Form 26AS?

What should I do if I forget my TRACES login password? Can I download Form 26AS in multiple formats?

How to View Form 26AS through TRACES Login?.

What are the Services Provided on TRACES?.

Form 26as traces