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Income Tax - (A) The possible reasons for no credit of TDS/TCS being displayed in your Form 26AS : 1. Deductor/collector has not filed his TDS/TCS statement; 2. You have not provided PAN to the deductor/collector; 3. You have provided incorrect PAN to the deductor/collector; 4. The deductor/collector has made an error in quoting your PAN in the [&hell...
Read MoreIncome Tax - Form 26AS Can Be Verified And Seen By Different Modes As Below:- Through Logging in at e-filing portal. ♦ Login to e-filing portal at www.incometaxindiaefiling.gov.in ♦ Go to ‘my account’. ♦ View ‘Form 26AS (Tax Credit)’. ♦ Confirm to redirect to “TDS TRACES CPC’ website. ♦ Click on “Vie...
Read MoreIncome Tax - In order to promote transparency and simplifying the tax return filing process, CBDT vide Notification dated May 28, 2020 has amended Form 26AS vide Sec 285BB of Income Tax Act, 1961 r.w.r.114-I of Income Tax Rules, 1962 w.e.f. 01.06.2020. The new Form 26AS is an Annual Information Statement or AIS which will provide a complete […]...
Read MoreIncome Tax - (A) The possible reasons for no credit of TDS/TCS being displayed in your Form 26AS: 1. Deductor/collector has not filed his TDS/TCS statement; 2. You have not provided PAN to the deductor/ collector; 3. You have provided incorrect PAN to the deductor/ collector; 4. The deductor/collector has made an error in quoting your PAN in […...
Read MoreIncome Tax - Buying property is dream come true for buyers. Every person wants to earn and purchase property which he or she can own in his or his family members and loved one name. Buyers invests his hard-earned money in buying property and many a times land up in difficult situation because everyone knows that tax is […]...
Read MoreIncome Tax - There is a great necessity of Integration of Income E-filing Portal with GST portal. The step taken by Central Government with respect to linking and integrating E-filing portal with GST portal is one of the most welcoming step towards the growth of tax revenue of Central Government which will ultimately lead to growth of economy, [&helli...
Read MoreIncome Tax - The Form 26AS displays the various taxes deducted/paid on individual’s income from/through various sources. It includes details of, ♦ Tax Deducted at Source (TDS) ♦ Tax Collected at Source (TCS) ♦ Advance Tax/ Self-Assessment Tax paid ♦ Regular Tax ♦ Tax Refund details for an Assessment Year, etc. Perform the following ste...
Read MoreIncome Tax - Improved Form 26AS will contain details of taxpayers’ high valued transactions Filing income tax returns could get even more easier and transparent for individual taxpayers from this assessment year. This is because the newly revamped Form 26AS—which is effective from June 1– will also contain the information on taxpayers high value...
Read MoreIncome Tax - Major Achievements of CBDT in Current Financial Year 2016-17 so far include among others Enactment of The Benami Transactions (Prohibition) Amendment Act, 2016, Implementation of The Direct Tax Dispute Resolution Scheme, 2016 and of GAAR from Assessment Year 2018-19;...
Read MoreIncome Tax - CPC-TDS has informed on its website that Considering peak statement filing time, processing of TDS/ TCS statements might take 7 to 10 working days from date of filing. 90% of the statements filed till 15th Oct 2014 have been processed for 26AS....
Read MoreJaya Prakash Vs ITO (ITAT Bangalore) - Jaya Prakash Vs ITO (ITAT Bangalore) Admittedly in this case, the CIT(A) determined the sale consideration on the basis of Form 26AS without seeing the actual sale deed entered by the assessee with concerned parties. In our opinion, sale consideration cannot be determined only on the basis of Form 2...
Read MoreMahesh Software Systems Pvt. Ltd. Vs ACIT (ITAT Pune) - The issue under consideration is whether TDS will be granted in the year in which assessee has recorded the corresponding income even if the deposit of TDS is in next financial year?...
Read MoreLal Construction Company Vs DCIT (ITAT Hyderabad) - Lal Construction Company Vs DCIT (ITAT Hyderabad) During the assessment proceedings u/s.143(3) of the of the Income Tax Act [Act], the Assessing Officer (AO) noticed that there is a difference between the total receipts offered to tax by the assessee and the receipts reflected in Form-26AS. The AO a...
Read MoreSri Arthur Bernard Sebastine Vs DCIT (ITAT Bangalore) - CBDT's instruction No.10/2017 dated 15.11.2017 has clearly laid down that only when receipts are completely omitted to be declared in the return of income can there be an addition for invoking 143(1)(a)(vi) of the Act....
Read MoreSree Sankeswara Foundations and Investments Vs ACIT (ITAT Chennai) - Sree Sankeswara Foundations and Investments Vs ACIT (ITAT Chennai) The appellant namely M/s. Sree Sankeswara Foundations and Investments is a Partnership firm constituted under the Partnership Act. It is engaged in the business of real estate. The return of income for the AY 2016-17 was filed. Aga...
Read MoreF.No.225/155/2020/ITA.II - (29/09/2020) - Director-General of Income-tax (Systems) to upload information relating to GST return, which is in his possession, in the Annual Information Statement in Form 26AS, within three months from the end of the month in which the information is received by him....
Read MoreRelease ID: 1639593 - (18/07/2020) - The new Form 26AS is the faceless hand-holding of the taxpayers to e-file their income tax returns quickly and correctly. From this Assessment Year, taxpayers will see an improved Form 26AS which would carry some additional details on taxpayers’ financial transactions as specified in the Statement...
Read MoreNotification No. 30/2020-Income Tax [G.S.R. 329(E)] - (28/05/2020) - Notification No. 30/2020– CBDT notifies new Form 26AS [Annual Information Statement] pursuant to Finance Act, 2020 and amendment, inserts new Rule 114-I to be effective from June 1st and omits Rule 31AB. Budget 2020-21 had introduced a new Section 285BB in the Income Tax Act to implement revis...
Read MoreInstruction No. 10/2017 - (15/11/2017) - Total income or loss shall be computed after making adjustment for addition of income appearing in Form 26AS or Form 16A or Form 16 (the three Forms) which has not been included in computing the total income in the return....
Read MoreDGIT Notification No. 11/2016-Income Tax - (02/12/2016) - CBDT notidfies Procedure for the purposes of furnishing and verification of Form 26A for removing of default of Short Deduction and/or Non Deduction of Tax at Source- Reg....
Read MoreJaya Prakash Vs ITO (ITAT Bangalore) -
