My company reports Gross Income in Form 26AS.
Whereas Taxable income under the head 'Salaries' in form 16 is less that gross value because I claim HRA.
In addition, since I invest in other tax saving instruments, the final taxable income is even lesser and it is this value which is used by employer to deduct TDS.
Now, The question is which value (from above 3 diff values) has to be filled in Section TDS? I see income tax utility is pulling this straight from 26AS but CAs tend to put the Income under the head salaries or even Total taxable income in Schedule TDS.
If the value in this section is going to be different than what is in Form 26AS, then would it not cause Income tax department to send intimation under 143(1)(a)? If it is to match the value of Form 26AS, then Schedule S is showing a lower value in Income under the head 'Salaries' and so would it then not again result in 143(1)(a) intimation?
What is the right value to fill?
CAclubindia
