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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...
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?
There is general perception among people that amount received on maturity of life insurance is exempt from income tax. However the same is not true. Receipt from life insurance may occasion on 2 events: 1. On death of the person insured (Death proceeds) 2. On maturity of the policy in the normal course (maturity proceeds) […]
The due date for filing your income tax return (ITR) is fast approaching. You must know which Income Tax Return Form is to be filed. There are seven different type of Income Tax Return Form for corporate and non-corporate tax payer. S.No Description Form 1 For Individuals being a Resident (other than Not Ordinarily Resident) […]
Ideally, the value of Tax Deducted at Source (TDS) should be the same in Form 26AS and Form 16 or 16A. However, sometimes some clerical mistakes, some wrong entries, and some omissions cause inconsistencies between the data. To understand it more precisely and deeply, let us first understand what are these forms all about. Form […]
