TDS mismatch in Form 26AS & Form 16? Ask employer to issue new Form 16 with correct details – The Financial Express

How to

The Financial Express

Via  Chirag Nangia  
My employer has deducted extra tax which isn’t tallying with Form 26AS. What must I do?
– Asha
In case of mismatch between Form 16 and Form 26AS, request your employer to issue new Form 16, reflecting the correct details of TDS. Alternatively, TDS is handiest provisional tax. The ultimate tax legal responsibility is made up our minds on the finish of the monetary yr. On the time of submitting the Source of revenue Tax Go back, you should calculate tax (as according to appropriate slab charges) by means of together with source of revenue from all assets. The TDS deducted (as proven in Form 26AS) can then be claimed as credit score in the ITR Form. Any way over TDS paid over the overall tax legal responsibility can be refunded.
My employer has deducted TDS however now not deposited it. What must I do?
—Suresh Talwar
One should download Form 16 (TDS certificates issued by means of the employer) and examine the similar with the Form 26AS. A mismatch in Form 26AS and Form 16 will also be due to non-submitting or non-fee of TDS by means of deductor, quoting unsuitable review yr or unsuitable PAN, offering unsuitable challan details in the TDS returns submitted by means of the deductee, now not depositing TDS to I-T division, and so on. The deductee has no energy beneath the Source of revenue Tax Act, to put into effect revision of returns in case of discrepancy. Subsequently, you should carry the mismatch to your employer’s realize and request him to revise the TDS go back.
My father-in-law, who’s 80 years, needs to give some cash to me and my spouse. Will this quantity be taxable in the arms of beneficier?
—Animesh Bhattacharya
As according to Source of revenue Tax Act, cash gained as present from father/ father-in-law is exempt from tax in the arms of beneficiary however you will have to divulge it beneath the agenda ‘Exempt Source of revenue’ in the ITR shape.
I filed my go back and e-verified it for AY 2018-19 on June 12, 2018. Source of revenue tax site standing displays effectively e-verified however refund nonetheless pending. Why?
—AK Bhandari
Processing of go back would possibly take a while. Alternatively, in case your ITR V is verified you’ll be able to practice up with Central Processing Centre (CPC) of I-T division on 1800-180-1961/ 1800 103 4455 or +91 80 46605200 or e-mail at refunds@source of revenue taxindia.gov.in. You’ll be able to additionally publish your complaint at the e-submitting portal.
The creator is director, Nangia Advisors (Andersen World). Ship your queries to
fepersonalfinance@expressindia.com
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