26AS Reconciliation



A taxpayer has to ensure that the income tax return or ITR is in sync with Form 26AS.

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What is Form 26AS?

Form 26AS is like the tax passbook which enlists the detail of taxes deposited on account of taxpayer during the financial year. These taxes can be in form of TDS, TCS, and advance-tax and self-assessment tax which are paid against your PAN number are captured in this report in a very comprehensive manner.

why you need to 26AS Reconciliation

A taxpayer has to ensure that the income tax return or ITR is in sync with Form 26AS. In case of any discrepancy, the income tax department may issue tax notice to seek explanation for such discrepancies in the figures of income or TDS appearing in Form 26AS and income tax return. The IT department uses Form 26AS as the benchmark for all its analysis and verification and notices are issued accordingly if there is any discrepancy.

Why choose Taxilla’s 26AS Reconciliation?

Enterprises often run the risk of losing tax credits (i.e., TDS and TCS) due to lack of regular reconciliation between books of accounts and the government records (Form 26AS). Manual efforts to reconcile voluminous data set further complicate the overall process to identify reasons for mismatches and take effective action for resolution. This also becomes a key risk area for levy of interest and penalties.

26AS Reconciliation is our technology enabled service for managing TDS/TCS credits as per Form 26AS and books of accounts. Analytical dashboards with actionable reports are enabled for digitally managing such credits and mitigating leakages.

Value add and benefits

  1. Technology enabled reconciliation of TDS and TCS credits for enhancing accuracy
  2. Significantly reduces time in processing low value adding activities
  3. Proactive tracking of discussions with tax deductor/collector for corrections due to identified mismatches
  4. Correct claim of TDS and TCS credit thereby mitigating working capital inefficiencies due to tax outflow
  5. Better control over organisation’s TDS and TCS credits
  6. Data driven insights to mitigate TDS and TCS leakages.