Land owners are 'consumers': SC

Land owners are 'consumers': SC

NEW DELHI: Land owners who enter into agreements with builders can approach the consumer forum for breach of conditions, as the builders are deemed to be "service provider" under the Consumer Protection Act, the Supreme Court has said. However, there is no such remedy under the Act for the builder against the land owner, as the former has to move only a civil court for appropriate remedy, a bench of Justices R V Raveendra and L S Panta said. The bench passed the ruling while quashing the orders of the Delhi District Forum, State Commission and the National Consumer Redressal Commission (NCDRC) which had all held that a land owner is not a "consumer" under the Act. The land owner Faqir Chand Gulati had filed the appeal in the apex court against a builder Uppal Agencies Pvt Ltd. Gulat's grievance was that he had entered into an agreement with the builder for construction of apartments in the land owned by him at L-3 Kailash Colony. Under the agreement, after completion of the apartment Gulati would be entitled to the entire ground flood consisting of three bedrooms with attached bathrooms, a drawing-cum-dining hall, one store room, a kitchen, a rear terrace, parking space, besides a servant quarter. However, Gulati alleged that the builder made several deviations from the original sanctioned layout plan and refused to rectify the same, following which he filed a complaint with the district forum. source:- Economic Times

25 Golden Rules

1. Plan your trades. Trade your plan.
2. Keep records of your trading results.
3. Keep a positive attitude, no matter how much you lose.
4. Don't take the market home.
5. Forget your College degree and trust your instincts.
6. Successful traders buy into bad news and sell into good news.
7. Successful traders are not afraid to buy high and sell low.
8. Continually strive for patience, perseverance, determination, and rational action.
9. Limit your losses - use stops!
10. Never cancel a stop loss order after you have placed it!
11. Place the stop at the time you make your trade.
12. Never get into the market because you are anxious because of waiting.
13. Avoid getting in or out of the market too often.
14. The most difficult task in speculation is not prediction but self-control. Successful trading is difficult and frustrating. You are the most important element in the equation for success.
15. Always discipline yourself by following a pre-determined set of rules.
16. Remember that a bear market will give back in one month what a bull market has taken three months to build.
17. Don't ever allow a big winning trade to turn into a loser. Stop yourself out if the market moves against you 20% from your peak profit point.
18. Expect and accept losses gracefully. Those who brood over losses always miss the next opportunity, which more than likely will be profitable.
19. Split your profits right down the middle and never risk more than 50% of them again in the market.
20. The key to successful trading is knowing yourself and your stress point.
21. The difference between winners and losers isn't so much native ability as it is discipline exercised in avoiding mistakes.
22. Speech may be silver but silence is golden. Traders with the golden touch do not talk about their success.
23. Dream big dreams and think tall. Very few people set goals too high. A man becomes what he thinks about all day long.
24. Accept failure as a step towards victory.
25. Have you taken a loss? Forget it quickly. Have you taken a profit? Forget it even quicker!

Service Tax on Fee Collected by Public Authorities

Applicability of service tax on fee collected by
Public Authorities
• Vide circular No. 89/7/2006- ST dated 18.12.2006 it is
clarified that the activities performed by the
sovereign/public authorities under the provision of
law are in the nature of statutory obligations which are
to be fulfilled in accordance with law.
• The fee collected by them for performing such
activities is in the nature of compulsory levy as per the
provisions of the relevant statute, and it is deposited
into the Government treasury.
• Such activity is purely in public interest and is
undertaken as mandatory and statutory function.
These are not in the nature of service to any particular
individual for any consideration.
• Therefore, such an activity performed by a
sovereign/public authority under the provisions of law
does not constitute provision of taxable service to
person and, therefore, no service tax is leviable on
such activities.
• However, if such authority performs a service, which is
not in the nature of statutory activity and the same is
undertaken for a consideration not in the nature of
statutory fee/ levy, then in such cases, service tax
would be leviable, if the activity undertaken falls
within the ambit of a taxable service. For e.g. fitness
certificate to the vehicles issued by RTO or Certificate
for boiler issued by Directorate of Boilers etc. are
mandatory as per law and the sum is deposited into
government treasury, so service tax will not be
leviable on this activities.
• Vide circular No. 89/7/2006- ST dated 18.12.2006 it is
clarified that the activities performed by the
sovereign/public authorities under the provision of
law are in the nature of statutory obligations which are
to be fulfilled in accordance with law.
• The fee collected by them for performing such
activities is in the nature of compulsory levy as per the
provisions of the relevant statute, and it is deposited
into the Government treasury.
• Such activity is purely in public interest and is
undertaken as mandatory and statutory function.
These are not in the nature of service to any particular
individual for any consideration.
• Therefore, such an activity performed by a
sovereign/public authority under the provisions of law
does not constitute provision of taxable service to
person and, therefore, no service tax is leviable on
such activities.
• However, if such authority performs a service, which is
not in the nature of statutory activity and the same is
undertaken for a consideration not in the nature of
statutory fee/ levy, then in such cases, service tax
would be leviable, if the activity undertaken falls
within the ambit of a taxable service. For e.g. fitness
certificate to the vehicles issued by RTO or Certificate
for boiler issued by Directorate of Boilers etc. are
mandatory as per law and the sum is deposited into
government treasury, so service tax will not be
leviable on this activities.

Mutual Fund Identification Number

From January 1, 2007, if you wish to invest Rs. 50,000 or
more in any mutual fund scheme, you will have to obtain
a special number called Mutual Fund Identification
Number (MIN).
• The MIN application form can be downloaded from
the AMFI website (www.amfiindia.com) or from
the website of the Mutual Fund with whom you
invest. or from any mutual fund distributor
• Documents required for MIN are (1) Photograph
(2) Proof of Identity (3) Proof of Address (4) PAN
Card
• Only one MIN would be required across all mutual
funds
• MIN will be provided absolutely FREE OF COST to
the investors.
The AMFI website contains a detailed FAQ list. The
important points are given below:
• There are no exceptions for MIN. Anyone who
wishes to invest Rs. 50,000 or more in any scheme
needs to obtain MIN. This would also apply to
Systematic Investment Plan (SIP) transactions,
even if the SIP was registered prior to 1st January
2007. Any switches made from existing
investments or dividends re-invested do not
require a MIN. All joint holders will be required to
quote their MIN.
• An existing investor who continues to hold
investments without further purchases of Rs
50,000 or more will not require a MIN, it is in the
interest of all investors to obtain a MIN and submit
it to the Mutual Fund to a any inconvenience in
future.
• The MIN will normally be communicated across the
counter after preliminary verification of
documents. However, based on final verification of
the documents, the MIN may be cancelled /
rejected in case of deficiency of documents or
incomplete information observed in the final
verification. A separate communication intimating
about the cancellation / rejection of MIN will be
sent by CVL.
• Once a MIN is obtained and transacted within a
period of three years, it will exist in perpetuity. It is
not necessary to quote the MIN for every
transaction. Once the MIN is informed to a Mutual
Fund, it will be registered against the folio and
quoted in all future account statements. In the
case of multiple folios/accounts with a Mutual Fund
the investor can inform the Mutual Fund to update
the MIN against all the folios/accounts. However,
each of the holders in these folios should have a
MIN of their own.
• NRIs cannot obtain a MIN from their location. The
form duly completed along with the necessary
documents should be mailed to the NRI's
representative or Distributor who can then obtain
the MIN for the NRI.
• Minors cannot apply for a MIN. In case of a Minor,
the Guardian of the minor has to obtain and quote
his / her MIN in the Mutual Fund form while
investing. Upon a minor attaining the age of
majority, he/she must obtain a separate MIN in
his/her own name.
• The POA holder is also required to obtain a
separate MIN in his/her own name and quote it
along with the investors' MIN while investing on
behalf of the investor.

No compulsion to use Cheque Drop Box Facility

RBI has asked commercial banks not to compel
customers to deposit cheques in drop boxes. This is
following a number of customer complaints against banks
for not accepting cheques at the counters.
Most of the new generation private sector banks and
foreign banks have introduced the drop box facility for
depositing cheques. This is seen as a win-win situation for
both the customer and the bank. The customer has the
freedom to deposit the cheque at any place at his or her
convenience. Customers would not get an
acknowledgement for the cheques deposited at a drop
box. For banks, the facility has reduced the cost of
servicing customers.
Considering the cost advantage, some banks have
started discouraging customers from depositing cash and
cheque at bank branches. They insist that customers,
irrespective of the amount, deposit cash at the ATMs.
Customers have been rather uncomfortable depositing
large sums of cash in an ATM and prefer human interface.
Taking note of this, the central bank has asked
• that customers should not be compelled to drop
the cheques in the drop box
• the facility for acknowledgement of the cheques at
the regular collection counters should also be
available to the customers.
• No branch should refuse to give an
acknowledgement if the customer tenders the
cheque at the counters.
• Wherever the cheque drop box facility has been
introduced, it is necessary that customer is made
aware of both the options available to him, i.e.
dropping cheques in the drop box or tendering
them at the counters so that he can take an
informed decision in this regard.
• Banks are, therefore, advised to invariably display
on the Cheque Drop-Box itself that 'Customers
can also tender the cheques at the counter and
obtain acknowledgement on the pay-in-slips'

TAX DEPARTMENT WILL LISTEN TO YOU

The Income Tax Ombudsman Guidelines 2006
To improve the quality of tax administration and bring
about more transparency in the system, 'The Income Tax
Ombudsman Guidelines 2006' have been issued. The
new guidelines will come into effect from January 1. The
ombudsman, an authority independent of the local
income tax department, will resolve complaints of
taxpayers impartially and facilitate settlement of
disputed cases. This official will act as an arbiter to sort
out all your complaints about the tax department. If you
have any complaints against a tax official, this is the
watchdog you will go to and he is supposed to help.
The guidelines are described below in the form of
questions and answers.
1. What does The Income Tax Ombudsman
Guidelines 2006 offer?
The Income Tax Ombudsman Guidelines, 2006 enables
resolution of complaints of tax payers against the income
tax department.
2. Has the guidelines come into effect?
The Scheme has come into force from January 1, 2007.
3. Who is an Income Tax Ombudsman?
The ombudsman is an authority independent of the
jurisdiction of income tax department, who will resolve
complaints of taxpayers impartially and facilitate
settlement of disputed cases. This official will act as an
arbiter to sort out all your complaints about the tax
department.
4. What is the objective behind the guidelines?
The main objective is to improve the quality of tax
administration and bring about more transparency in the
system.
5. How many Ombudsmen are to be appointed and
where are they located?
The offices of Income Tax Ombudsman shall initially be
located at New Delhi, Mumbai, Chennai, Kolkata,
Bangalore, Hyderabad, Ahmedabad, Pune, Kanpur,
Chandigarh, Bhopal and Kochi. The Government may
notify additional locations and appoint an Ombudsman
for each location.
6. Is Tax Ombudsman a new concept?
No. Actually, it is a reintroduction of the scheme, which
was operational till 1960.
7. What sort of disputes can the Ombudsman
consider?
The Ombudsman can receive and consider any
complaints relating to the following:
• delay in issue of refunds beyond time limits
prescribed by law or under the relevant instructions
TYPES OF COMPLAINTS BEFORE OMBUDSMAN
issued from time to time by the Central Board of
Direct Taxes;
• sending of envelopes without refund vouchers in
cases of refund;
• non adherence to the principle of 'First Come First
Served' in sending refunds;
• non acknowledgement of letters or documents sent
to the department;
• non up-dating of demand and other registers
leading to harassment of assessees;
• lack of transparency in identifying cases for scrutiny
and non communication of reasons for selecting the
case for scrutiny;
• delay in disposing cases of interest waiver;
• delay in disposal of rectification applications;
• delay in giving effect to the appellate orders;
• delay in release of seized books of account and
assets, after the proceedings under the Income-tax
Act in respect of the years for which the books of
account or other documents are relevant are
completed;
• delay in allotment of permanent account number
(PAN);
• non credit of tax paid, including tax deducted at
source;
• non adherence to prescribed working hours by
Income Tax officials;
• unwarranted rude behaviour of Income Tax officials
with assessees:
• any other matter relating to violation of the
administrative instructions and circulars issued by
the Central Board of Direct Taxes in relation to
Income-tax administration.
• Any other ground that may be prescribed by CBDT.
8. When can the complainant file his complaint?
The complainant, before making a complaint to the
Ombudsman, must make a written representation to the
Income Tax authority superior to the one complained
against. The complaint with the ombudsman can be filed:
• If such authority rejects the complaint or
• the complainant does not receive any reply within
one month or
• the complainant is not satisfied with the reply given
to him by such authority;
9. What is the time limit for making complaint?
The complaint must be made
• within one year after the complainant has received
the reply of the department to his representation
APPLYING TO OMBUDSMAN
Vol. 3 Issue 1 January 4, 2007 Pages 8 Price Rs. 5
January 4,
or,
• in case, where no reply is received, not later than
one year and one month after the representation to
the Income Tax Authority.
10. Can a complaint be made before a Ombudsman
on the same subject matter settled through
pervious proceedings before any of the
Ombudsman?
No. The complaint should not be for the same subject
matter that was settled through the office of the
Ombudsman in any previous proceedings.
11. Can a complaint be made before a Ombudsman
on the same subject matter which has been or is
the subject matter of any proceeding in an appeal,
revision, reference or writ before any Income-tax
Authority or Appellate Authority or Tribunal or
Court.
No.
12. Is there any procedure for filing the complaint
before the Ombudsman?
• Any person, who has a grievance against the
Income-tax Department, may make a complaint
against the Income-tax official in writing to the
Ombudsman and must be duly signed by the
complainant.
• A complaint made through electronic means shall
also be accepted by the Ombudsman and a print out
of such complaint shall be taken on the record of the
Ombudsman.
• A printout of the complaint made through electronic
means shall be signed by the complainant at the
earliest possible opportunity before the
Ombudsman takes steps for conciliation or
settlement.
• The signed printout shall be deemed to be the
complaint and it shall relate back to the date on
which the complaint was made through electronic
means.
13. Can a complaint be filed by an authorized
representative of the complainant?
Yes. The complainant can be filed by an authorized
representative of the complainant.
14. What details are required in the application?
o the name and address of the complainant,
o the name of the office and official of the Income-tax
Department against whom the complaint is made,
o the facts giving rise to the complaint supported by
documents, if any, relied on by the complainant
o the relief sought from the Ombudsman;
15. What happens when a complaint is received by
the Ombudsman?
The Ombudsman endeavours to promote a settlement of
the complaint by agreement between the complainant
and such authority through conciliation or mediation;
16. What happens if the complaint is not settled by
agreement?
If a complaint is not settled by an agreement within a
period of one month, the Ombudsman proceeds further
to pass an award. Before passing an award, the
PROCEEDINGS BEFORE THE OMBUDSMAN
Ombudsman provides reasonable opportunity to the
complainant and the income tax authority, to present
their case.
17. What will the Ombudsman consider for passing
an award?
The Ombudsman will be guided by the evidence placed
before him by the parties, the principles of Income Tax
law and practice, directions, instructions and guidelines
issued by the Central Board of Direct Taxes or the Central
Government from time to time and such other factors
which in his opinion are necessary in the interest of
justice.
18. What will the Award consist of?
• Directions to the concerned Income Tax Authority
such as performance of its obligations like expediting
delayed matters, giving reasons for decisions and
issuing apology to complainants etc., except a
direction affecting the quantum of tax assessment or
imposition of penalties under the Income Tax Act.
• A token compensation amount not exceedin
Rs. 1000/- (Rs. One Thousand only) for the loss
suffered by the complainant.
19. What happens when the Ombudsman passes an
award?
After an award is passed, its copy is sent to the
complainant and the income tax authority named in the
complaint. It is open to the complainant to accept the
award in full and final settlement of his complaint or to
reject it.
20. What is to be done by the complainant if the
award is acceptable to him?
The complainant must furnish to the department, within
a period of 15 days from the date of receipt of a copy of
the award, a letter of acceptance of the award in full and
final settlement of his complaint. If the complainant does
not accept the Award passed by the Ombudsman or fails
to furnish his letter of acceptance within the said period of
15 days the award shall lapse and be of no effect.
21. Can a complainant seek extension of time for
sending his letter of acceptance of the award?
Yes, a complainant can make a written request to the
Ombudsman, for extension of time with the reasons for
seeking such extension.
22. What does Ombudsman do on receipt of
request from a complainant for seeking extension
of time for sending his letter of acceptance of the
award?
If the Ombudsman is satisfied with the reasons stated by
the complainant in his letter of request for extension of
time (for sending his letter of acceptance of the award),
he may grant extension of time up to further period of 15
days for such compliance.
23. What happens if the complainant sends a letter
of acceptance of the award in full and final
settlement of his claim?
The 'award' shall be binding on the Income Tax
Department. The 'Income Tax Authority complained
against' shall, within one month from the date of the
award, comply with the award and intimate compliance to
the Ombudsman.

CHECK STATUS OF CA WITH ICAI

one can check the status of a chartered accountant with the institute.

PLEASE CLICK ....STATUS OF CA

BY Deepak Wadhawan

MEMBER OF JAB WE MET CA

REDEFINING PROFESSIONALISM............

ITAT DECISIONS

Issue: Notice U/s 143 (2)
Nulcon India Ltd. V/s ITO (ITAT Delhi Bench “C”)
In this case, Dept has picked up case for scrutiny on the
last day of the month in which notice can be issued. Dept
has sent notice u/s 143 (2) by speed post. The Bench
decided that if notice is sent by the speed post
authorities, the postal authorities act as agent of the AO.
Hence, the notice has to be served to the assessee within
the one year from the end of the month in which return
was filed. Mere issue of notice and dispatch thereto on the
last day will not make the notice legal one. If “A” receives
notice after the 12 month, it will make proceeding null
and void.
Issue: Accrual of Income
Rama Associates Ltd V/s DCIT Circle 15 (1) New Delhi
(ITAT Delhi Bench “G”)
The Bench decided that income can be brought to tax only
on the basis of its accrual or receipt and if income has
neither accrued nor received, the same can not be
brought to tax either on notional basis or on basis of
accounting entry being passed by the assessee.
Issue: Allowability of Interest expenses on share
investment.
Macimtosh Finance Estate Ltd V/s Addl CIT Spl. Range 36
The tribunal decided that interest paid on fund utilized for
the purpose of investment in shares will not be allowed as
revenue expenses. Further “A” can not add the interest
expenses to the cost of investment to claim deduction u/s
48 in the year of sale of investment. If it is allowed it
would defeat the purpose of introduction of provision of
section 14A of the Act.
Issue: Interest on short payment of TDS
SBI V/s ACIT Cir. TDS II (3)
In this case, AO passed order levying interest on short
deduction of TDS u/s 201 (1) & (1A) after the expiry of 4
years from the end of relevant financial years. The Dept
contended that order was passed pursuant to survey
conducted at the premises of “A” and the order was
passed within 4 years from the date of survey. Tribunal
decided that order passed u/s 201 (1) (1A) beyond 4
years will be legal one and date of survey would not alter
the legal position with regard to statutory time limit to
pass the order.

Jago-Grahak-Jago (Consumer Beware)

Consumer Protection Mechanism
A major milestone was achieved in the Jago-Grahak-Jago
(Consumer Beware) movement when the Consumer
Protection Act 1986 was enacted - a vehicle for securing
speedy and in-expensive redressal of consumer
grievances. To give effect to the provisions of the Act, the
Consumer Protection Rules 1987 were made. And finally
for regulating the procedure of the Consumer Courts, the
Consumer Protection Regulations, 2005 have also been
made.
Legal Mechanism
There is a three tier quasi-judicial mechanism for speedy
redressal of the consumer grievances
• at District Forum (upto Rs.20 lacs),
• State Commission (Rs.20 lacs to Rs.1 crore)
• and National Commission (above Rs.1 crore).
There are at present 604 District Forums, 35 State
Commissions with apex body as National Commission
situated at New Delhi.
In these three judicial bodies taken together 27.24 lacs
cases were filed since their inception, out of which 23.83
lacs cases (87%) have been resolved. The percentage of
resolved cases is 90% for District Fora, 72% for State
Commissions and 81% for the National Commission.
Other doors are also open for help
Most of the time consumers, though aggrieved of
violation of their rights, avoid going to consumer courts
owing to perceived cumbersome procedures &
ineffectiveness, time delay and the cost of litigation.
Keeping this in view the procedure of consumer courts
has been made as consumer friendly as possible, at the
same time the Govt. has also created following other
avenues also whereby consumers can resolve their
grievances out of the court.
CORE
The Ministry of Consumer Affairs, Food & Public
Distribution, Govt. of India, on 15th March 2005 (World
Consumer Rights Day) launched the Consumer Online
Resource & Empowerment Center (CORE center), which
is a consumer friendly portal for consumer awareness
and protection. This portal is managed by the Central
Coordination Council (CCC) and supported by the
Ministry.
Anybody can access the portal on www.core.nic.in to
• Utilise the online database for all consumer related
issues.
• Subscribe for regular free e-Newsletters for all the
latest, relevant and up to date consumer news,
events, articles and judgments.
• Most importantly register his complaint online for
mediation. The core center uses its good offices to
resolve the complaint by taking up the same
effectively with the opposite party. It provides
constant support and guidance to the consumers to
resolve their consumer rights related grievances
out of the court as far as possible.
NCH
A National Consumer Helpline (NCH) has also been
started w.e.f. 1st March 2005 on the Toll Free no.1800-
11-4000 (from MTNL & BSNL lines). Anybody can call on
this phone no. between 9.30 AM to 5.30 PM on any
working day for seeking information, advice and
guidance for resolving his problem related to consumer
rights. This Helpline is maintained at University of Delhi
with the support and financial assistance from Deptt. of
Consumer Affairs.
VOICE
With the support of Ministry of Consumer Affairs, a downto-
earth NGO called VOICE (Voluntary Organisation on
the Interest of Consumer Education) is also functioning at
national level. The primary focus of this organisation is to
create informed consumers. It raises awareness in
consumers not only about malpractices perpetuated in
the marketplace, but also about his rights.
It publishes a monthly magazine Consumer Voice (both
English and Hindi edition) that contains articles on
comparative testing of products, finance, health, legal
issues, environment and sustainability, to create
consumer awareness. This magazine has an online
edition also.
Voice is doing remarkable job in the field of product
testing. The purpose of testing is to inform the consumers
about the comparative quality vis-à-vis price to enable
them to make correct choice of product at best price. 16
products have been successfully tested so far, including
TV, ceiling fans, mineral water, CFLs, Banks, and
Insurance etc. Results of 12 more products and 7 services
are in the pipeline.
Anybody can access to their portal www.consumervoice.
org and seek legal counselling, guidance or advice
on consumer related matters and can also air his opinions
and consumer grievances through blogging. Consumer
Voice also maintains a 24X7 helpline on 0124-3989-8080
for counselling or redressal of consumer grievances.

VIEW TAX STATEMENTS ONLINE

One of the most useful but under-utilized facility
available to tax payer to view the consolidated tax
statement online. This facility is available under the tax
information network and accessible thru NSDL web site
www.tin-nsdl.com. This feature will assume significance
once the dematerilisation of TDS process starts.
Consolidated Tax Statement in Form 26AS
Form 26AS is a consolidated tax statement issued under
Rule 31 AB of Income Tax Rules to the PAN holders. This
statement, with respect to a financial year, will include
details of
• tax deducted at source (TDS);
• tax collected at source (TCS); and
• advance tax/self assessment tax/regular
assessment tax etc., deposited in the bank by the
taxpayer
Information in 26AS
The Form 26AS is divided into three parts, Part A, B & C :
Part A displays details of tax which has been deducted
at source (TDS) by various deductors. The following
information will be displayed
Name & TAN of Deductor section under which
deduction made date on which payment was effected
amount paid/credited tax deducted tax deposited
Part B displays details of tax collected at source (TCS) by
the seller of specified goods. Details similar to those
displayed in Part A in respect of the seller and the tax
collected will also be available.
Part C displays details of income tax directly paid by you
(like advance tax, self assessment tax) and details of the
challan through which you have deposited this tax in the
bank.
TDS/TCS Details
• The non government Deductors deposit the tax to the
government account through a bank.
• Banks will upload this payment-related information to
the TIN central system.
• The deductors are also required to file a quarterly
statement to TIN giving the details of their TDS/TCS.
• The TIN central system will match the tax paymentrelated
information in the statement with the tax
receipt information from the banks.
• If both of these match, TIN will create From 26AS for
each PAN holder giving details of the tax
deducted/collected on this basis by every deductor
who has filed the statement.
Currently TDS / TCS details by government Deductor do
not appear in the Form 26AS

Income tax deposited in the banks
• Whenever a tax payer deposit advance tax/self
assessment tax directly to bank, the bank will
upload this information to the TIN central system
three days after the cheque has been cleared.
• This information is posted in Part C.
Usefulness of Form 26AS
The credits available in the tax statement confirm that:
• the tax deducted/collected by the deductor/collector
has been deposited to the account of the
government;
• the deductor/collector has accurately filed the
TDS/TCS statement giving details of the tax
deducted/collected on your behalf
• bank has properly furnished the details of the tax
deposited by you.
In future, you will be able to use this consolidated tax
statement (Form 26AS) as a proof of tax
deducted/collected on your behalf and the tax directly
paid by you along with your income tax return
This will happen only when the need for submission of
TDS/TCS certificates and tax payment challans along
with income tax returns is dispensed with by the Income
Tax Department (ITD). This is scheduled to happen for
the Financial year 2008-2009.
Tax details not appearing in Form 26AS
Under the following circumstances, the information
contained in Form 26AS will be incomplete
• Deductor
- has not paid the tax deducted
- has not submitted electronic tds statement
- has submitted tds statement but the challan details
are not matching with the details uploaded by bank.
- has mentioned incorrect PAN
• Bank
- has not uploaded challan details
- has made error in mentioning PAN
Currently the major problem in correct generation of tax
statement is non-matching of eTDS statements with the
challan details submitted by banks.
Viewing Tax Credit
You can view tax credit statement online by visiting View
Tax Statement link on the web site www.tin-nsdl.com.
For this you need a login and password.
Getting password is a one time activity & can be done by
• Online registration by filling up a simple form on the
web site
• Personally visiting TIN-FC for verification of identity
• After successful verification, the user id and password
will be activated