26as tds credit

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NAVA YUG (Querist)
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03 April 2012 one of our clients Tds credits are showing negetives. Not all but some are like that. what should be the reason for that. can we claim credit showing in form16a which is higher than 26as?
pls pls

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
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03 April 2012 1st time heard this. Tax Credit can not be negative as far as i know. Even if you claim higher amount you will not get tax credit in excess of what is shown in 26AS.

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CA Kishore Tallam

CA Kishore Tallam (Expert)
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03 April 2012 26AS can show -ve tax credits. The reason is explained like this.
"Company A", the deductee of ur client has wrongly mentioned ur client PAN instead of other and filed TDS return. Then ur client 26AS is updated with credit.
However, the Company A realised the error and filed revised return by mentioning correct PAN, then the earlier tax credit given to ur client will be reversed and will be shown in negative in red colour.
In respect of admissibility of tax credit, as explained by Mr. Gupta, an assessee cannot claim tax credit more than mentioned in 26AS.

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