Hey, I am Ravi

In this blog, I am gonna show you how to understand the heading of Form 26As and how to check this form.

Introduction
Form 26AS is an essential document for taxpayers in India as it summarizes the taxes deducted from your income and taxes paid on your behalf. This tutorial will guide you on how to access and verify Form 26AS through the TRACES portal and will explain the different sections of the form.

Steps to Access Form 26AS

To begin verifying your Form 26AS, you will need to follow these straightforward steps:

• Log in to the Income Tax e-Filing Portal:

Visit the official e-Filing website of the Income Tax Department of India.
Enter your User ID (PAN), Password, and Captcha Code to log in.

• Access Form 26AS from the Dashboard:

Once logged in, navigate to the ‘My Account’ menu and select ‘View Form 26AS (Tax Credit)’.

• Redirect to the TRACES Website:

You will be redirected to the TRACES (TDS Reconciliation Analysis and Correction Enabling System) website. Accept the terms and conditions shown to proceed.

• View Your Tax Credit Statement:

Click on ‘View Tax Credit (Form 26AS)’ to access your form. Choose the assessment year and the format you prefer (HTML, PDF, or Text).

Understanding the Sections of Form 26AS

Form 26AS contains various sections, each detailing different aspects of your tax information:

Part A: TDS Details

Deductor’s TAN: Identifies the tax deductor.
Total TDS: Reflects the total tax deducted from your income.
Transaction Date: Shows when the tax was deducted or credited to the government.

Part A1: TDS Exemptions (Forms 15G/15H)

Lists income where TDS was not deducted due to submission of Form 15G or 15H.

Part A2: TDS on Property Sale

Details TDS deducted on the sale of property under section 194IA.

Part B: TCS Details

Outlines tax collected at source by the seller of goods.

Part C: Direct Tax Payments

Displays details of advance tax and self-assessment tax payments.

Part D: Refunds Issued

Shows details of refunds issued by the IT Department.

Part E: High-value Transactions

Details of transactions reported through Annual Information Returns (AIR).

Part F: TDS on Property Purchase

Details TDS information for buyers of immovable property.

Part G: Defaults in TDS/TCS

Lists any defaults or inconsistencies in tax deductions or collections.

Conclusion
Regular verification of Form 26AS is crucial for ensuring all your tax credits are accounted for and that there are no discrepancies. By following the steps outlined in this tutorial, you can easily check your tax details against your records. This practice not only helps in seamless tax filing but also assists in managing your tax obligations more efficiently.

Today, I would let you know about the OLTAS challan correction process.

what is the OLTAS challan request form?

Request for OLTAS challan correction refers to the formal process of rectifying errors or discrepancies in an Online Tax Accounting System (OLTAS) challan. OLTAS is a system introduced by the Reserve Bank of India (RBI) to facilitate the online payment of various direct taxes. When taxpayers make tax payments using OLTAS, they receive a challan as proof of payment.

At times, mistakes may occur in the details provided in the OLTAS challan, such as incorrect taxpayer information, inaccurate tax type, assessment year, major head code, minor head code, or the total amount paid. To ensure accurate tax records, taxpayers or deductors can request corrections for the OLTAS challan.

The process involves submitting a formal request to the relevant authorities, providing the correct information, and supporting documents (if necessary) to substantiate the need for the correction.

Timely initiation of the correction process is crucial to avoid potential complications or penalties arising from inaccurate tax records. Upon approval of the request for OLTAS challan correction by the tax authorities, a corrected challan is issued, reflecting the accurate tax payment details.

The approval of the Assessing Officer is not required for correcting certain fields in the OLTAS challan. These fields are as follows:

1. Financial Year: You can correct the Financial Year up to the Financial Year relating to the Date of Deposit of the Challan. For example, if the challan is of F.Y. 2008-09, and the Date of Deposit is 20-06-2016, the Financial Year cannot be greater than 2016-17.
2. Minor Head Code (200 and 400): You can correct the Minor Head 200 for TDS/TCS payable by the taxpayer and Minor Head 400 for TDS/TCS payable under the regular assessment.
3. Major Head Code (0020 and 0021): You can correct Major Head 0020 if the Deductee is a Company and Major Head 0021 if the Deductee is an entity other than a Company.
4. Section Code: You can correct any Section Code 94C, 94D, 94H, 94I, or 94J, except for Section Code 195.

In these specific fields, you do not need approval from the Assessing Officer to request corrections for an OLTAS challan. However, it is essential to follow the correct procedure and provide accurate information while making corrections to ensure compliance with tax regulations and maintain accurate tax records.

Why do we need to use the OLTAS challan correction request form?

The OLTAS (Online Tax Accounting System) challan correction request form is essential for rectifying errors or discrepancies in previously submitted OLTAS challans. There are several reasons why this form is crucial:

1. Error Correction: The form allows taxpayers to correct mistakes made during the initial tax payment process. This includes rectifying inaccurate details such as taxpayer information, tax type, assessment year, major head code, minor head code, and the total amount paid.
2. Accuracy of Tax Records: By using the correction request form, taxpayers ensure their tax records are accurate and up-to-date. Accurate records are vital for maintaining proper accounting, complying with tax regulations, and avoiding potential legal issues.
3. Avoiding Penalties: Incorrect information on the OLTAS challan could lead to penalties or interest payments due to underreporting or misreporting of taxes. Utilizing the correction request form helps avoid such penalties and ensures compliance with tax regulations.
4. Official Documentation: The correction request form serves as official documentation of the corrections sought. It provides a record of identified errors and the subsequent actions taken to rectify them.
5. Transparency and Accountability: The correction request process enhances transparency and accountability in tax payments. It allows tax authorities to verify and authenticate the corrections before updating the taxpayer’s records.
6. Compliance with Tax Regulations: Correcting the OLTAS challan ensures that the taxpayer’s records adhere to the requirements stipulated in tax laws and regulations.
7. Updated Financial Records: Accurate tax payment records are crucial for maintaining precise financial records. Using the correction request form helps keep financial records up-to-date and consistent.

It’s important to note that the process for OLTAS challan correction may vary depending on the tax department’s guidelines and procedures. Taxpayers should follow the correct process and provide necessary supporting documents (if required) while submitting the correction request to avoid delays and ensure accurate updates to their tax records.

Steps for OLTAS Challan Correction on TRACES

• Log in to TRACES – Log in to TRACES – Enter your User Id, Password, TAN or PAN, and captcha

• Navigate to the request for OLTAS correction – Go to Statements / Payments > Request for OLTAS Correction

• Review the checklist – Review the checklist and click on ‘Proceed’

• Proceed to the CIN details – You can only correct Financial Year, Minor Head Code (200 and 400), Major Head Code (20/21), and Section Code. Click on ‘Proceed’

• Enter the CIN details – Enter the Challan (CIN) Details – BSR Code, Date of Deposit, Challan Serial Number, and Challan Amount. Click on ‘Go’

• Proceed to edit the challan details – If the details of the challan are valid, the user can proceed to edit the challan details. Select the new values of Financial Year, Major Code, Minor Code and Section Code. Click on ‘Submit’

• Verify the details – The updated values will appear in the summary table. Verify the details and click on ‘Confirm’

• Authorized person – Details of the Authorised Person will appear on the screen. Verify the details and click on submit.

• Success message – Upon successful submission of the OLTAS Challan Correction, a confirmation message will be displayed on the screen. The message will include a unique Request Number as proof of the correction request. Additionally, you will receive an email notification acknowledging the submission of the OLTAS Challan Correction. This email will serve as a record of the correction request for your reference.

Steps to Track OLTAS Challan Correction Request on TRACES

• Log in to TRACES – Enter User Id, Password, TAN or PAN and, captcha

• The process to go – Go to Statements / Payments > Track OLTAS Challan Correction Request

• Search the request – using Request Number, Date, or View All

• Correction – The status of the correction request will appear on the screen. Click on ‘View New Values‘ to view the updated values. The new values will appear on the screen

Thanks,

This is Ravi Verma, In this session, I will let you know how to check the TDS challan status.

Let’s begin.

• Login to the traces portal – https://contents.tdscpc.gov.in/

• Click on the login button.

• After that enter your login id, password, TAN number of the deductor, and the captcha code as well and click on the login button.

• Now you are entering the dashboard of Traces. look at the left side of your dashboard here you will see the challan status option then click on it.

• Now click on the go button.

• After clicking on the Go button, please select the date on which you want to view your challan details.

1. Select your starting date.
2. and ending date.
3. in challan status – select whatever you want to see.
4. And the last click on the go button.

• Now you can see your challan status on the traces portal.

Thanks,

This is Ravi Verma, In this article, we will discuss the 26AS Details.

Let’s started,

What is 26AS?

If any person will deduct a TDS then he can see that amount with the help of the government IT portal i.e income tax portal.

When suddenly our TDS will be deducted for any reason then we can easily check that reason in a very simple way we go to the income tax portal and we will show anything which is related to the TDS.

Steps to see our form 26AS

a. Open your browser and search income tax portal

b. After that click on the income tax department: Home button.

c. After that, you will see the dashboard of the income tax portal then click on the login button this button will show on your right-hand side.

d. Then enter your login ID and Password, the login ID is your PAN card number please make a note of it. and then click on the continue option.

e. After that tick out the confirmation message button option after that enter your password and then click on the continue button.

f. And you will be entering the income tax dashboard portal.

g. Go to the e-file option under this option you will see the view 26AS option then click on it.

h. After clicking the form 26AS button you will appear a disclaimer then click on the confirm option

I. After clicking the confirm option you will get the new window in your dashboard and that is called TRACES Portal after that you will tick the given column and then click on the proceed button.

J. After that click on the view your form 26AS option.

k. After that select your assessment year and select the view as HTML option then click on the View/Download button

L. After completing all these steps you will see your TDS report who has deducted your TDS and what is the deduction section of your TDS.

Thanks

Hi guy’s

This is Ravi Varma, in this article I will tell you how to change and update your profile in the traces portal

Let’s start,

If you want to change your address or email address on your TRACES portal, then follow these steps

• Go to the TRACES site

• Please click on the login button and enter your log-in id and password to enter the traces portal.

• Enter your login id and password and also enter your company TAN number because it is very important for the log-in traces portal.

• As soon as you enter the trace portal look on the right side here you will see the profile button then you click on it.

• (a) After clicking on the Profile button you will have to enter your RRR number, this number will get you the status of your last TDS return filing.

(b) If you are deducting the TDS of any government employee then please click on this acknowledgment button and if you have not deducted the TDS of a government employee then proceed without clicking this acknowledgment button.

(c) Next, you need to enter your TDS data along with your company’s TAN number, and the deductor’s details along with his/her PAN number.

(d) After completing these steps please click on the Proceed button

• then you click the proceed button you will get an authentication code this code helps you for your re-filling in your data and also you have to give a proceed with transaction option then click on it.

• Now you have all the details of the portal which you entered earlier, now you can change whatever you want here.

• after saving this you have see your full details of your company so now if you will change your company details, address, email id, add a new director.

• and click on the Save button,
  So by following these steps you can easily change whatever you want.

Thanks

Hi guy’s

This is Ravi Varma, in this article I will tell you about how to download form 16A on the traces portal.

Let’s start,

When we deduct the TDS of a person who is not related to salary, then in this case we have to issue him Form 16A, in which all the details of TDS deducted from him are written in Form 16A.

And that person should also be a resident of India.

Follow these steps properly

Step 1:- Go to the traces portal. tdscpc.gov.in

Step 2:- Click to the login option

Step 3:- You have to enter your login id & password, the TAN number of the deductor, and also enter the verification code after completing these steps click on the login button.

** And you have to select the deductor option only because you are the deductor.

****If you have lost your password then click on the forgot password option. in this option you have a chance to set a new password in your traces portal, here you have to enter 2 OTPs 1st OTP is received to your email address and the second is received to your registered phone number.

***If you have lost your user-id then follow the same procedure to create a new user.

Step4:- Click the download button

Step5:- Under the download option, you will see the Form 16A popup, then click on the form 16A option.

Step6:- You will see the form 16A page, under this page you have to enter your financial year and other detail after doing this process you will see the new enter face.

Here are the 2 options is available to download your form 16A

Case01:- If you will download only 5 or 6 forms then choose the first option (Search PAN) in this option you can download only 5 to 6 forms.

Case02:- If you will download more than 10 forms then choose the second option (bulk PAN) in this option you can download more than 10 forms.

Step07:- the next step is to select only one option.

(a) DSC

(B) Normal KYC

we are going to the normal KYC option

Step8:- In this step, you have to enter your deductee PAN number and its tax deducted AMT.

**Note Enter the details of the same challan in which you have paid the challan for at least more than 3 deductee

*** Token number is your RRR number

After filling all these columns please click on the proceed option.

Step09:- As soon as you click on the Proceed option, you will see a new popup in which you will be told about filling many forms, and also you will be provided with a code the help which you can use anytime in the future.

Then click to proceed with the transaction

Step10:- Go to the download section and click on the requested downloads

Step11:- after clicking the requested downloads option please click on the view all option

Step12:- If your status is showing in Available then after that see below you will see the HTTP Download button and click on it.

Step13:- The next step is to go back to the download option and click on the requested downloads option and under this, you click on the DOWNLOAD THE UTILITY option.

Step14:- After clicking this you are entering the new page under this please enter the verification code.

Step15:- Now you will get a zip file in this option to download Form 16A, by clicking on it you have to download this utility

***The use of this utility will be needed to extract the PDF from Form 16A when we download it.

Step16:- As soon as you download this utility, then you have to extract it and then click on Traces PDF converter.

Step17:- When you will open this file, you will now have to browse the zip file containing Form 16A in it, after that, you will have to enter the password, keep in mind that your TAN number is your password, then in the last place where you have to save this file. That location has to be set and in the last click on the Proceed button.

Step18:- If you are processing without a digital signature then you will see a popup then you have to click on the yes button

****The most important thing to note is that you need to have Java installed in your system to generate Form 16A

Thanks,

Hi guy’s

This is Ravi Varma, in this article I will tell you about the Traces site.

Let’s start,

What are the documents required to take registration on TRACES?

• Most important You have availed TAN number of your Firm.
• You have to your latest TDS Return statements.
• You should have the token number of Form 26Q
• You should have full details of your challan because you have to give your challan details on TRACES portal.

Follow these steps to register on TRACES

• Go to the the TRACES portal site and click to continue button (tdscpc.gov.in)

• click to the register as new user icon.

• Sellect Your firm type.

• After selecting the type of your firm, you have to give the valid tan number of your firm and enter the captcha code.

• After doing this step the next step is to enter your first TDS return token number.

• After this, you will have to give all the basic details of any of your Challan.

A. your BSR code

B. Date of tax deposited.

C. Challan serial number.

D. Total challan voucher amount.

• In this option, you have to give details of the PAN number of your submitted challan and then click on proceed option.

After this, you have to enter the details of your firm.

a. Deductor TAN number

b. Name of deductor(Firm name)

c. What is the category of deductor?

d. PAN number of the firm who is deducting TDS

e. Whoever is the authorized person to deduct TDS, his PAN number will have to be given.

f. The details of the date of birth of the authorized person have to be given.

g. The designation of the authorized person has to be mentioned in which position the person is holding in the company.

h. If the authorized person is an employee then the employee option has to be selected

• After this you have to give the details of the address of your firm, you can give this details in two ways.

1. Same as in TAN number:- This means that whatever address is mentioned in your TAN number, they can give it to us.
2. Same as in last statement:- This means that whatever address is mentioned in your previous TDS return, you can give it to us.

• Communication Details :- In this, it takes information about the communication details of your firm, if there is some problem or error, then a message will be sent to you in the form of traces.

• In this also you can give communication details in two ways

1. Same as in TAN number:- This means that they can give whatever communication details are mentioned in your TAN number.
2. Same as in last statement:- This means that you can give whatever communication details have been mentioned in your previous TDS return.

• Register as new user.

The last step to register on the TRACES portal is to create a login ID and password.

You have to enter your unique login ID and password in it and then click on create an account.

• After this you will get the confirmation details showing all the details of your firm, if all the details are correct then click on the confirmation option and if anything is wrong then you can go to the edit option and you can correct it.

• If we click on confirm option then we will get the message of registration on traces.

• After this, a link will be sent to your email from Trace, on clicking of which you will get an activation code, with the help of which you can register yourself on the Trace site.
• enter your user Id & verification code which is received in your email and then click on the submit option.

Finally, you have successfully registered on the traces site.

Thank’s