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Check your Form 26AS Now Before Filing Your ITR

CA Umesh Sharma , Last updated: 03 June 2024  
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Arjuna (a fictional character): Krishna, all the deductors have filed their TDS returns for FY 23-24 by May 31, 2024. Now, what are the responsibilities of deductees before filing their ITR?

Krishna (a fictional character): Arjuna, all the deductees are required to file their income tax returns for FY 23–24. But before filing their ITR, it is their responsibility to verify their TDS with Form 26AS and Form 16/16A. Form 26AS is a tax credit statement that is linked to the PAN (permanent account number) of the taxpayer. It provides a consolidated record of tax deducted at source (TDS), tax collected at source (TCS), advance tax, or self-assessment tax paid, along with any refunds received. It is available to all registered taxpayers under the "My account" tab after logging in to the official Income Tax e-filing portal.

Form 16 is issued to salaried individuals by June 15 of the year for which it is being issued. Form 16A is issued quarterly for TDS on income from other sources, with the due date for the fourth quarter of FY 23–24 being June 15, 2024.

Check your Form 26AS Now Before Filing Your ITR

Arjuna (a fictional character): Krishna, what if I find a discrepancy in the tax deducted?

Krishna (Fictional Character): Arjuna, if you find any discrepancies, contact the deductor (employer, bank, etc.) and inform them of the errors. Deductors can file correction statements through TDS returns (Form 26Q, Form 24Q, etc.). After the correction is processed, the updated details will reflect in your Form 26AS.

Arjuna (Fictional Character): Krishna, what are some common discrepancies in Form 26AS?

Krishna (a fictional character): Arjuna, Common discrepancies include incorrect PAN, the wrong assessment year, mismatched TDS amounts, and incomplete details of the assessee in the TDS return.

Arjuna (a fictional character): Krishna, what if the deductor does not file a correction statement?

Krishna (a fictional character): Arjuna, in case the deductor does not file a correction statement, the deductee can file a complaint with the assessing officer. Explain the situation and submit supporting documents for investigation.

Arjuna (a fictional character): Krishna, what are the consequences of a mismatch between TDS and Form 26AS?

Krishna (Fictional Character): Arjuna, the following are the consequences of a mismatch in TDS and Form 26AS:

 

1. In the case of excess TDS deducted by the deductor, a refund can be availed of for such an excess deduction at the time of filing the return.

2. In the event of a short deduction of tax by the deductor, the deductee will be liable to pay the additional tax due when filing their tax return.

3. In cases where tax is deducted but not paid to the government by the deductor, the deductee is not liable to pay the tax as the tax has already been deducted by the deductor.

Arjuna (a fictional character): How do I submit a grievance on the income tax portal for a mismatch in 26AS?

Krishna (Fictional Character): Arjuna, you can submit a grievance on the income tax portal by selecting department as "AO,"  category as "Transfer to TDS," and sub-category as suitable to your case.

 

Arjuna (a fictional character): Krishna, what lesson should the taxpayer take from this?

Krishna (a fictional character): By verifying your records with Form 26AS or Form 16/16A, you can take proactive steps to ensure that the tax deducted by the deductor is actually paid to the government. This not only simplifies availing credit when filing your income tax return but also fulfills your responsibility as a diligent taxpayer."

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CA Umesh Sharma
(Partner)
Category Income Tax   Report

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