New Delhi: This 12 months Central Board of Direct Taxes (CBDT) has introduced within the new Form 26AS for tax payers. CBDT says that that is the faceless hand-holding of the taxpayers to e-file their revenue tax returns rapidly and accurately.
Tax payers can be submitting the Income Tax Return (ITR) for the FY 2019-20 (AY 2020-21).
From this Assessment Year, taxpayers will see an improved Form 26AS which might carry some extra particulars on taxpayers’ monetary transactions as specified within the Statement of Financial Transactions (SFTs) in varied classes.
Every particular person deducting tax (deductor) at supply is required to furnish the small print of tax deducted by him to the Income-tax Department.
The particulars covers the title of the deductee, his/her Permanent Account Number, quantity of tax deducted, quantity paid to the deductee, date of cost of TDS to the credit score of presidency, and many others. On the premise of the small print of TDS supplied by the deductor, the Income-tax Department updates Form 26AS of the deductee.
However, a number of instances it could so occur that the precise quantity of TDS and TDS credit score as showing in Form 26AS could differ. It can also occur that the TDS credit score showing in Form 26AS could also be much less as in comparison with precise TDS. One of the explanations for it could be this can be non-furnishing of TDS particulars to the Income-tax Department by the deductor, deducting the tax in incorrect Permanent Account Number, and many others.
What do you have to do if such a scenario arises?
If such a scenario arises, the deductee ought to strategy the deductor and request for mandatory steps to rectify the discrepancies.
The Income-tax Department updates the TDS particulars in Form 26AS on foundation of particulars supplied by the deductor. Therefore if there’s any default on the a part of deductor like non -furnishing of TDS particulars like TDS return to the Income-tax Department, deducting the tax in incorrect Permanents Account Number, and many others. then Form 26AS won’t replicate the precise TDS.
In such a case, the taxpayer could not be capable of declare the credit score of appropriate TDS. Hence, the taxpayers are suggested to verify the tax credit score showing in Form 26AS and may reconcile the distinction, if any.
If discrepancy is because of deductor , then he could file TDS/TCS correction assertion and proper the identical.