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Kindly help with itr-1 filing.

amit sharma (Others) (7 Points)

30 August 2015

Hi Experts,

Need help in filing ITR-1,

The income in form16 is different from that which is shown in form 26AS, which income is to be considered ?

Thanks,

Amit

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16 Replies

S. Shiroor (Others) (1207 Points)
Replied 30 August 2015

If the the diff is small the one which is higher needs to be taken.

Prefill all the tax credits.

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Udgam Koomar (Tax Technologist) (1949 Points)
Replied 30 August 2015

Till 90% matching with 26AS they dont have issues. Best is if you have actual data else go with Form16.

amit sharma (Others) (7 Points)
Replied 30 August 2015

Ok thanks, few of my fellow colleagues are filling the income shown in form26as, which is having a huge differnce frm form16, almost same as the gross income after deductions of 80C etc, they are getting good refunds. I am doubtful about that bcz wen i check wid ppl in other organizations, there is no such difference. What does the income written in 26AS represents, is it the taxable income or the total income ?

Rashi Bajaj (CA) (752 Points)
Replied 30 August 2015

26AS represents income on which tax has been deducted. In itr tds table normally ask for details ass per form 16. As salary is taxed in yr of receipt, consider the actual receipt in the yr while filing the return

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Z ( ) (2965 Points)
Replied 30 August 2015

You must file your return as per your correct calculations, there can be errors in form 16 and there can be errors in form 26AS aswell, but if you declare correct particulars of your income then you are safe.

Entries in 26AS are on the basis of TDS return filed by the employer, there can be difference between form 16 and 26AS but it can be taken care of.

I iterate, do not go solely by the figure of form 16 or 26AS, go solely by the correct computation of income.

Errors in form 26AS can be rectified by revising the retrun, it is important because it is has TDS credit which shall be admissible to you, if the credit in 26AS is different from the the credit claimed by you while filing the return then there will be tax credit mismatch. But you will be safe if you did correct computation. S.205 protects assessee if Tax has been deducted and is not deposited by the deductor.

If Tax has been deducted more and credit has been given less (in form 16 or 26AS or both) then you need to write a letter to your DDO to rectify the same. All this can be done after filing of return also. Right now focus on correct computation and file the return.

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amit sharma (Others) (7 Points)
Replied 30 August 2015

Thanks all, The tax calculated in form 16 and deposited as per form 26AS is same , its the income that is lesser in 26AS. But i think the one in form16 shud be filled, as dat is almost the actual what i was paid. Does all this difference means that I shud call on my employer ? For that the income it is declaring to income tax deptt is not correct ? (Though tax is correct)

Z ( ) (2965 Points)
Replied 30 August 2015

If tax credit is correct and the difference is only in income then fill the particulars of correct income in your return and that should be sufficient. And enter the same figures in Sch TDS.

amit sharma (Others) (7 Points)
Replied 30 August 2015

Alright , thanks everyone for help.

SATISH (CA Final & CS Final) (90 Points)
Replied 30 August 2015

Some times some employees worked in more than one emloyer , in such cases some of the previous employers has not considered some exemptions because of non submission of documents, in such cases the form 16 shows more income from salary in such cases the employees can consider those exemptions and compute the tax by self and claim refund from the already deducted tax. In some cases the employer has filed first 3 quarters with out considering the exemptions and deductions only on 4th quarter he will file final etds statement after considering all the exemptions and deductions in such cases income as per form 16 and income as per 26 AS will differ. If the employee has sufficient documents to prove how he has claimed more exemptions and deductions he can claim different income which is not as per form 16 and 26 AS.

ANKUSH (Article Trainee) (322 Points)
Replied 30 August 2015

My point is which income should be shown while filling the online itr1, gross salary shown in form 16 or taxable salary after deduction of exempted allowances, chapter vi deduction

Pls give ur valuabe suggestion.

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ajay prasad (COMPUTER OPERATOR) (1 Points)
Replied 31 August 2015

If a person is not filed ITR in the assesment year 2014-15. and he has retired from Semi-govt. organisationin the financial year2013-14, Is there any problem , with Income tax department. His all taxes are already paid by the company, But he has not submitted only his ITR documents to Incometax department.Kindly suggest ,What should we do.

S. Shiroor (Others) (1207 Points)
Replied 31 August 2015

@ Ajay Prasad

You can file a belated return under 135(4) for Assesment year 2014-15 upto March 2016.

Please prepare a return claim all the Tax credits upload and verify

If refund is there then you will get it

If there are tax credits in 26As or AIR transactions then you have to file a return to claim it . Even if there is no refund you should file a return. You have to prove it to taxman that your tax liability is zero.

I hope this is clear

h bohra (student) (43 Points)
Replied 31 August 2015

KITNE FREE HAI INDIAN CAs. reply pe reply kr rhe h.

S. Shiroor (Others) (1207 Points)
Replied 31 August 2015

Mr BOHRA You sarcastic Comments is not well taken.

Most of the Advisors/CA are trying to help ppl in distress and giving solutions to their greivances.

Please Apologize to all CAs and other Advisors.

A DAY WILL COME IN YOUR LIFE WHEN YOU WILL BE IN TROUBLE WITH IT DEPT AND MAY REQUIRE CAs HELP. THAT DAY YOU WILL REGRET THE COMMENT MADE TODAY.

Your comment may be juveile in nature but just appreciate that many of us are trying to help a man in distress. Please dont pass such comments in life. Each Mistake is a good teacher.