Invalid entry in TCS | Form26AS
This query is : Resolved
11 June 2024
To simplify (with dummy numbers):
- Bank deducted 1L in total for TCS (for sending money abroad under LRS).
- When I checked Form 26AS, I saw that 20K out of the 1L was an invalid transaction.
- I emailed bank and they refunded 20K few weeks back
- I checked Form 26AS, and it still says 1L TCS and has the invalid transaction (of 20K). Ideally, it should be saying 80K TCS, since 20K TCS was invalid and is refunded to me by the bank.
- I've been chasing the bank for several weeks to rectify Form 26AS, but not getting any response.
Should I just file my ITR and mention 80K as the TCS? Or will the income tax department see mismatch in TCS and mark the ITR return as invalid?
- Bank deducted 1L in total for TCS (for sending money abroad under LRS).
- When I checked Form 26AS, I saw that 20K out of the 1L was an invalid transaction.
- I emailed bank and they refunded 20K few weeks back
- I checked Form 26AS, and it still says 1L TCS and has the invalid transaction (of 20K). Ideally, it should be saying 80K TCS, since 20K TCS was invalid and is refunded to me by the bank.
- I've been chasing the bank for several weeks to rectify Form 26AS, but not getting any response.
Should I just file my ITR and mention 80K as the TCS? Or will the income tax department see mismatch in TCS and mark the ITR return as invalid?
11 June 2024
Just claim 80K as TCS and file return. (probably by June end, to check for any rectification in data)
Message likes :
1 times
11 June 2024
Thanks.
I'm hoping that since I'm claiming less money than what is mentioned in Form 26AS, Income Tax department will not have an issue with that.
I'm hoping that since I'm claiming less money than what is mentioned in Form 26AS, Income Tax department will not have an issue with that.
Message likes :
1 times
11 June 2024
The consolidation of data is in progress. Bank might have revised return, which may get reflected in due course. In between, if you file return, it will not get processed till the final verified figures are available with CPC.
Message likes :
1 times
31 August 2024
Good luck.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- CG after sale of flat
- E Commerce GSTR1 & 3B how to file
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
- GST Refund_RFD-01
- Form10BD was uploaded successfully without any Error but after 24 hours, Form10BE are not available
- Annexure B utility for GST Refund
- Tax amount diff in Gstr1 and 3B in tax compare reports
- Tds on GST in connection with sale to public company
- Restoration of certificate of practice
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
