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Monitor your Form 26AS

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      From Financial year 2012-13 ,Form 16 has two parts- Part A and Part B
      Part A of Form 16 is nothing but the Form 26AS which is prepared by income tax department for each PAN no
      How Form 26AS is prepared and why it is important to monitor it?
      DDO submits salary bill to the Treasury.The income tax deducted in the bill is transferred by the Treasury to a particlar head 8658 and thus it is credited to Central Goverment.
      Now DDO has a TAN no
      After the end of the month,the treasury reports Income tax Department in Form 24G ,about the total amount of Tax deducted against a particular DDO s TAN no.Income tax issues BIN no after receiving Form 24G from treasury.
      DDO should collect this BIN no for each month from treasury/income tax website and files Form 24Q quarterly giving details how much tax has been deducted against each PAN no.
      If the total amount reported by the treasury and the total amount reported by the DDO matches,PAN wise Form 26AS or Part A of Form 16 is finalised.
      If Part A is not finalised,you are at risk of getting notice from the IT department ,even if you have deducted tax from your salary.
      Your DDO should give Part A of Form 16 at the end of the financial year
      But if you create your login in http://www.tdscpc.gov.in as taxpayer,then you can monitor your Part A of Form 16 as and when required throughout the year.
      you can also monitor Part A of Form 16,if you have a net banking account with any bank.

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