TDS credit & form 26AS - Professionals - Taxation - TIK Share
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TDS credit & form 26AS


Enthusiasm to speak

2014-01-11

TDS will be done by an assessee in few cases like salary, interest, professional fee, consultancy charges etc. In earlier days we used to get credit in out income tax return when we show the tds certificate. However now this tds amount also needs to be updated in form 26AS so that i can claim it from the income tax  payable. I want to tell all the users that if the tds is not updated in form 26AS, then you need to speak to your deductor ie., employer or consultant or lendor. The deductor would have erred while uploading the tds return. The errors may be like wrong pan, challan no, amount of tds, name of the deductee etc.

Further if the form 26AS is not updated with the full tds & you claim the full tds in your return then there is a chance that you get a notice from income tax department.

CA Pulkit Sharma

2014-01-11

Correctly summarised.

Now the situation is that you get TDS credit in your income tax returns only if the amount is available in form 26AS otherwise no TDS allowed.

Deductees should keep checking the form 26AS after every quarter to see that proper TDS is credited to their accounts, otherwise its difficult to claim the credit for Tax Deducted at Source.

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Enthusiasm to speak

2014-01-11

I have seen many banks are not updating the tds returns properly & hence the credit is not available to the deductee.

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CA Pulkit Sharma

2014-01-11

In one case that i have with me, a client filed the return by claiming actual TDS. But ITO rejected the claim since it was not appearing in 26AS.

I think Income Tax department is nowdays issuing Late filing notices because of this reason.

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