It is common problem that many times TDS (Tax Deduction at Source) so deducted by any employer or payer, is not being credited to deductee (from whom incometax has been deducted at source) and it is not being reflected in Form 26AS on the website of Traces. This problem is observed for all kinds of TDS including TDS on salaries, Interest, Commission etc. and TCS (Tax Collected At Source) etc.
Deductee should be aware of this fact that mere deduction and issuance of Form 16 / 16A is not sufficient for getting the credit of TDS until or otherwise it is downloaded from TRACES but there are following conditions for getting the perfect credit of TDS / TCS and for reflecting in Form 26AS on Traces :-
1. Deductor (TDS) / collector (TCS) should have deposited the TDS amount in the bank.
2. After depositing the TDS amount, Deductor should have filed / submiited online TDS Return.
3. In that online TDS Return, all data including deductee’s PAN Number should be correct .
Generally, mistakes are seen in PAN Numbers. Even, there is mistake in one digit / alphabet out of 10, credit will not show and on the contrary, credit will go to some one else. Therefore, before filing the TDS return, Deductor should obtain photocopy of pancard of deductee and in absence of pancard, he should verify pan number of deductee online. Deductor can also verify any PAN Number on www.verifypan.in free of cost and instantly.
By this way, deductor will save himself from mistakes and from filing the revised TDS / Correction Returns and he will save deductees whose IT returns are being delayed due to mismatch of TDS.