Invalid entry in TCS | Form26AS

This query is : Resolved

Priya (Querist)
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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?

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
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11 June 2024 Just claim 80K as TCS and file return. (probably by June end, to check for any rectification in data)

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Priya

Priya (Querist)
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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.

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Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
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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.

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Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
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31 August 2024 Good luck.

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