Arjuna (Fictional Character): Krishna, all the deductors have filed their TDS returns for FY 23-24 by 31st May 2024. Now what are the responsibilities of deductees before filing their ITR?
Krishna (Fictional Character): Arjuna, all the deductees are required to file their income tax return for the FY 23-24. But before filing their ITR it is their responsibility to verify their TDS with Form 26AS and Form 16/16A. Form 26AS is a tax credit statement which is linked to the PAN (Permanent Account Number) of the taxpayer. It provides a consolidated record of tax deducted at source (TDS), tax collected at source (TCS), advance tax or self-assessment tax paid, along with any refunds received. It is available to all registered taxpayers under “My account” tab after logging in on official Income Tax e-filing portal.
Form 16 is issued to salaried individuals by 15th June of the year for which it is being issued. Form 16A is issued quarterly for TDS on income from other sources, with the due date for the fourth quarter of FY 23-24 being June 15, 2024.
Arjuna (Fictional Character): Krishna, what if I find a discrepancy in tax deducted?
Krishna (Fictional Character): Arjuna, if you find any discrepancies, contact the deductor (employer, bank, etc.) and inform them of the errors. Deductors can file correction statements through TDS returns (Form 26Q, Form 24Q, etc.). After the correction is processed, the updated details will reflect in your Form 26AS.
Arjuna (Fictional Character): Krishna, what are some common discrepancies in Form 26AS?
Krishna (Fictional Character): Arjuna, Common discrepancies include incorrect PAN, wrong assessment year, or mismatched TDS amounts, incomplete details of the assessee in the TDS return.
Arjuna (Fictional Character): Krishna, what if deductor does not file correction statement?
Krishna (Fictional Character): Arjuna, in case deductor does not file correction statement deductee can file complaint with the Assessing Officer. Explain the situation and submit supporting documents for investigation.
Arjuna (Fictional Character): Krishna, what are the consequences of mismatch in TDS and Form 26AS
Krishna (Fictional Character): Arjuna, following are the consequences of mismatch in TDS and Form 26AS
1. In case of excess TDS deducted by deductor, refund can be availed of such excess deduction at the time of filing return.
2. In case of short deduction of tax by deductor, deductee will be liable to pay the additional tax due when filing their tax return.
3. In case tax is deducted but not paid to government by deductor, deductee is not liable to pay the tax as tax has already been deducted by deductor.
Arjuna (Fictional Character): How to submit grievance on income tax portal for mismatch in 26AS?tds
Krishna (Fictional Character): Arjuna, you can submit grievance on income tax portal by selecting department as “AO”, category as “Transfer to TDS” and sub-category as suitable to you case.
Arjuna (Fictional Character): Krishna, what lesson should the taxpayer take from this?
Krishna (Fictional Character): By verifying your records with Form 26AS or Form 16/16A, you can take proactive steps to ensure that the tax deducted by deductor is actually paid to government. This not only simplifies availing credit when filing your income tax return but also fulfills your responsibility as a diligent taxpayer.”
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