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Income Tax : Verify your Form 26AS before filing your ITR for FY 23-24. Ensure accurate TDS and avoid discrepancies for a smooth tax return pro...
Income Tax : Unsure whether to file your income tax return now or wait? Learn why waiting until mid-June may be beneficial, considering TDS ret...
Income Tax : ICAI addresses issues with Form 26AS/TIS/AIS and ITR filing glitches, urging CBDT for timely resolution to aid taxpayers in meetin...
Income Tax : Directorate of Income Tax (Systems) has released Handbook on Annual Information Statement (AIS). This will explain How the new For...
Goods and Services Tax : There is a great necessity of Integration of Income E-filing Portal with GST portal. The step taken by Central Government with res...
Income Tax : The Form 26AS displays the various taxes deducted/paid on individual’s income from/through various sources. It includes deta...
Income Tax : Improved Form 26AS will contain details of taxpayers’ high valued transactions Filing income tax returns could get even more eas...
Income Tax : Explore ITAT Mumbai's verdict granting deduction under Section 80P(2)(d) to Grand Paradi Co-op Housing Society, clarifying co-op b...
Income Tax : Read the detailed judgment of Suman Devi Vs ITO by Rajasthan High Court allowing condonation of ITR delay under Section 119(2)(b) ...
Service Tax : CESTAT Delhi rules service tax exemption for providing vehicles on hire to GTA. Detailed analysis of the Manak Chand Agarwal vs CG...
Income Tax : Understand the implications of the Parulben Vijaykumar Patel vs ITO case from ITAT Ahmedabad. Detailed analysis and conclusion pro...
Income Tax : In Bal Krishan Das Mundhra Vs ITO case, ITAT Kolkata permits deduction of Rs. 34.2 lakhs under section 57 of Income Tax Act as tax...
Income Tax : ADVISORY NO.: 45 Dated:- 14.07.2022 0/o PCDA(0) Pune, Public Relation office (PRO) Subject: Income Tax Demand Notice under section...
Income Tax : CBDT authorizes Director General of Income-tax (Systems) to upload information relating to Foreign remittance information reported...
Service Tax : Representations have been received from various trade bodies and associations regarding instances of indiscriminate issuance of de...
Income Tax : Director-General of Income-tax (Systems) to upload information relating to GST return, which is in his possession, in the Annual I...
Income Tax : The new Form 26AS is the faceless hand-holding of the taxpayers to e-file their income tax returns quickly and correctly. From thi...
This amendment is going to hit hard for those Income Tax Assessee’s (Majorly Salaried Employees) who used to make manipulative claims of allowances (LTA, medical, HRA etc) or deductions (Section 80C, 80D) in Return of Income and claims refund of TDS deducted from Salary.
Form 26AS is the statement which provide the details of tax deducted (TDS) and tax collected (TCS), advance tax and self-assessment tax paid also contain details of regular assessment tax deposited by the taxpayers. Further, High-value Transactions in respect of immovable property, shares and mutual funds also covered in this statement. This statement is presented […]
Arjuna, If the income tax liability of any taxpayer is more than Rs 10000 in a financial year, then he is liable to pay such tax in installments during the year itself rather than paying this tax at the end of the year. This tax which is payable during the year is called as Advance Tax.
I have started writing this article keeping in mind the questions raised in minds of salaried class taxpayers. Also, it is aimed to address the doubts of all those who file the Return of their salaried class clients.
26AS statement contains information regarding Advance Tax, Self Assessment Tax, Regular Assessment Tax, TDS, TCS credits available to taxpayer for claim in ITR alongwith information on refund, high value transactions and TDS defaults.
Tax deductee is a person who receives certain prescribed payments like salary, interest, commission, brokerage, rent etc. after deduction of tax at source
Where assessee claimed that there was wrong credit entry by payer-client in Form 26AS, AO was required to examine its genuineness before making any addition on account of mismatch between receipts reflected in Form 26AS and in profit and loss account. Thus, matter was remanded for re-adjudication.
The data populated in 26AS is the data as per TDS returns uploaded by the deductors/ customers of the company under section 200 . Such data could be relied upon as “correct” for the purpose of reconciliation only when the statements of TDS so uploaded have been processed under section 200A with effect from 01/04/2010.
Tax Credit Statement (Form 26AS) contains details of: A. Tax deducted on behalf of the taxpayer by deductors. A1. Details of NO/Low tax deduction. A2. Tax deducted on sale of Immovable property (for seller of Property)/TDS on Rent of Property (for Landlord of property) B. Tax collected on behalf of the taxpayer by collectors. C. […]
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?
