Invalid entry in TCS | Form26AS

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Priya

Senior Engineer

50 Points Posted on 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?

Replies (4)

Quick Summary

A user is facing an issue where their Form 26AS shows an incorrect Tax Collected at Source (TCS) amount due to an invalid transaction. Despite the bank refunding the amount related to the invalid transaction, Form 26AS has not been updated. The user is seeking advice on whether to file their Income Tax Return (ITR) with the correct TCS amount or if this discrepancy could cause issues with the tax department.

Khush Trivedi

3641 Points Posted on 11 June 2024

In my opinion you should tell the Bank about the problem & if they are not responding appropriately you should file your ITR by mentioning correct credit rather than claiming 1 lakh & afterwards if there is any mismatch arrise between the 26AS & Return filled you can also inform the bank on the basis of such intimation & once 26AS will be corrected the problem will solve.

sabyasachi mukherjee

Profession

19978 Points Posted on 13 June 2024

Invalid entry in tcs

Khush Trivedi

3641 Points Posted on 13 June 2024

Please don't give irrelevant replies

Aashok Kumar Sharma

Finance/Compliance Consultant

77864 Points Posted on 08 November 2026

Excess TCS in 26AS:
• If the bank collected TCS of Rs 1 lakh but 26AS shows a different amount (more or less), it's the bank's TCS return error. Ask the bank to file a correction statement (27EQ correction) to reflect the correct amount against your PAN.
• You can claim only what appears in 26AS. If 26AS shows more than actually collected, don't claim the excess, or the department may recover it later.
• If the bank refunded part of the TCS to you, the 26AS should reflect the net. Otherwise, claim the net and keep a note.
• The TCS credit year follows the year of collection.