Skip to main content

How to get errors in Form 26AS Corrected

By now most salaried individuals would have received their Form 16 from their employer.

Although Form 16 will have details of tax deducted at source (TDS) by the employer, it is essential that they check their Form 26AS, i.e., the statement showing TDS details from various other deductors. It is important to check the Form 26AS for any errors. Here is how to get the errors rectified for the income tax return process to be smooth.

What is a TDS certificate?
Every entity that deducts TDS issues a certificate to the deductee with details including the amount deducted. The figures in the TDS certificates should match with those shown in your Form 26AS. If they don't, the mismatch may give rise to enquiries from the income tax department. Hence, it is imminent that one checks Form 26AS to reconcile figures with the TDS certificates.

Errors in Form 26AS
Checking the Form 26AS before filing ITR helps as it might contain some errors. This could be due to various reasons such as, non-filing of TDS return by the deductor or non-payment of TDS by the deductor, quoting wrong assessment year or wrong PAN, providing incorrect challan details in the TDS returns submitted by the deductee, not depositing TDS to the Income Tax Department, deducting TDS but not depositing it in favor of the co-owner in case of joint  ownership, etc. Such errors could lead to under or over reporting of income or taxes in Form 26AS, which in turn could lead to an inquiry being raised by the IT department.

Also, there could be several other reasons. Advance tax and self-assessment tax not reflecting in Form 26AS at all and possibility of reflection of credits of TDS made in respect of some other PAN appearing in your Form 26AS," could be some of those errors.


Here's how to rectify the error if the PAN has been wrongly quoted. "This error could come up if either the PAN has been wrongly quoted in the tax payment challan or the bank has made an error in entering the PAN while digitising the challan data or the bank has not uploaded the digitized information to TIN (Tax Information Network). To address this, one can use the challan status enquiry facility provided at TIN website to verify whether the challan bearing Challan Identification Number (CIN) given in the counterfoil available with you has been uploaded to TIN. In case you observe that the PAN available in the uploaded data is not your PAN, you may approach your Assessing Officer in this regard


Mismatch between Form 26AS and TDS certificates
At times, the figures shown in the TDS certificates may not match with one's Form 26AS. If you are a salaried individual, check the TDS certificate that your employer would have provided to you as Form 16. "There are several reasons for mismatch between Form 26AS and the TDS certificates (Form 16/ 16A), some of them are non-filing of TDS Return by the person deducting TDS as a result of which TDS does not properly reflect in Form 26AS, quoting of wrong TAN of deductor or wrong PAN of the deductee, non-provision of challan details, furnishing incorrect amount of TDS, etc


How to get the errors rectified
An incorrect entry especially with regards to PAN or an amount may lead to unnecessary delays in filing the ITR. One needs to get them rectified before filing to avoid future hassles. "Practically, the remedy for rectifying the mismatch lies in requesting the deductor to reconcile the same. You will have to request the deductor to revise the TDS return. The deductee has no power under the Act, to enforce the deductor to the revision of the returns so wrongly filed," says Malhotra. In case there is a discrepancy in the TDS certificate issued by your bank where you have a fixed deposit, ask the banker to rectify it. TDS certificates should be accurate as they may be required to be shown as proof of TDS claimed, in case your return gets picked up for scrutiny

Authenticity of Form 26AS
If a banker or any other tax deductor is issuing you the Form 26AS, check its authenticity. Such a document in a plain paper or the letter head of the bank may not hold water. Malhotra informs, As directed by the Circulars of Central Board of Direct Taxes, it is mandatory for all deductors including a banking company to issue TDS certificates after generating and downloading the same from TRACES Portal. Certificates issued in any other form or form or manner will not comply to the requirements referred in the Income-tax Act 1961 read with relevant Rules and Circulars issued in this behalf and will thus be invalid. Only the TDS certificates (Form 16/16A) downloaded from TRACES are valid. These certificates, downloaded from TRACES, are in a specific format.


Filing with revised form 26AS
Finally, once the revised TDS gets uploaded and the revised figures are reflected in Form 26AS, only then can you file the return. You may have to wait a little longer for this. Note that it does take some time for the person who has deducted your TDS to file revised TDS return. Even after uploading the Revised TDS Return, Form 26AS too does not instantly get updated

What you should do
Make sure you compare the figures in Form 26AS with that of Form 16 and Form 16A before you finish the tax filing exercise. TDS certificates in Form 16 and Form 16A are equally crucial and it is essential to compare the entries in Form 26AS with those in your TDS certificates to make sure you are claiming the right credits and also offering all your income appearing in Form 26AS to tax



SIPs are Best Investments as Stock Market s are move up and down. Volatile is your best friend in making Money and creating enormous Wealth, If you have patience and long term Investing orientation. Invest in Best SIP Mutual Funds and get good returns over a period of time. Know which are the Top SIP Funds to Invest Save Tax Get Rich - Best ELSS Funds

For more information on Top SIP Mutual Funds contact Save Tax Get Rich on 94 8300 8300

OR

You can write to us at

Invest [at] SaveTaxGetRich [dot] Com

Popular posts from this blog

National Savings Certificate

National Savings Certificate Here's everything you need to know about the 5-year savings scheme offered by the Government This is a 5-year small savings scheme of the government. From 1 July 2016, a National Savings Certificate (NSC) can be held in the electronic mode too. Physical pre-printed NSC certificates have been discontinued and replaced with Public Provident Fund-like passbooks. What's on offer The minimum amount you can invest in them is Rs100 and there is no upper limit. Under this scheme, all deposits up to Rs1.5 lakh qualify for deduction under section 80C of the Income-tax Act, 1961. The interest earned is taxable. You can invest in multiples of Rs 100. These certificates can be owned individually, jointly and also on behalf of minors. The interest rates for all small savings schemes are released on a quarterly basis. The effective rate for NSC from 1 October to 31 December is 8%. The interest is calculated on an annual compounding basis and is given along w...

Am you Required to E-file Tax Return?

Download Tax Saving Mutual Fund Application Forms Invest In Tax Saving Mutual Funds Online Buy Gold Mutual Funds Leave a missed Call on 94 8300 8300   Am I Required to 'E-file' My Return? Yes, under the law you are required to e-file your return if your income for the year is Rs. 500,000 or more. Even if you are not required to e-file your return, it is advisable to do so for the following benefits: i) E-filing is environment friendly. ii) E-filing ensures certain validations before the return is filed. Therefore, e-returns are more accurate than the paper returns. iii) E-returns are processed faster than the paper returns. iv) E-filing can be done from the comfort of home/office and you do not have to stand in queue to e-file. v) E-returns can be accessed anytime from the tax department's e-filing portal. For further information contact Prajna Capit...

Different types of Mutual Funds

You may not be comfortable investing in the stock market. It might not seem like your cup of tea. But you can start by investing in Mutual Funds. Many first-time investors invest in Mutual Funds. This is because they do not know how to invest in individual securities. Basic information on Mutual Funds People invest their money in stocks, bonds, and other securities through Mutual Funds. Each Fund has different schemes with specific objectives. Professional Fund Managers look after these schemes. Your Fund Manager could help you invest in a scheme that suits your financial goal. Functioning of Mutual Funds You could make money through Mutual Funds in different ways. A single Mutual Fund could hold many different stocks, bonds, and debentures. This minimizes the risk by spreading out your investment. You could earn dividends from stocks and interest from bonds. You could also earn capital by selling securities when their price increases. Usually, you could choose to sell your share any t...

Mutual Fund Review: HDFC Index Sensex Plus

  In terms of size, HDFC Index Sensex Plus may be one of the smallest offerings from the HDFC stable. But that has not dampened its show, which has beaten the Sensex by a mile in overall returns   HDFC Index Sensex Plus is a passively managed diversified equity scheme with Sensex as its benchmark index. The fund also invests a small proportion of its equity portfolio in non-Sensex scrips. The scheme cannot boast of an impressive size and is one of the smallest in the HDFC basket with assets under management (AUM) of less than 60 crore. PERFORMANCE: Being passively managed and portfolio aligned to that of the benchmark, the performance of the index fund is expected to follow that of the benchmark and in this respect, it has not disappointed investors. Since its launch in July 2002, the fund has outperformed Sensex in overall returns by good margins.    While every 1,000 invested in HDFC Index Sensex Plus in July 2002 is worth 6,130 now, a similar amount invested in Sensex then wo...

IDFC - Long term infrastructure bonds - Tranche 2

IDFC - Long term infrastructure bonds What are infrastructure bonds? In 2010, the government introduced a new section 80CCF under the Income Tax Act, 1961 (" Income Tax Act ") to provide for income tax deductions for subscription to long-term infrastructure bonds and pursuant to that the Central Board of Direct Taxes passed Notification No. 48/2010/F.No.149/84/2010-SO(TPL) dated July 9, 2010. These long term infrastructure bonds offer an additional window of tax deduction of investments up to Rs. 20,000 for the financial year 2010-11. This deduction is over and above the Rs 1 lakh deduction available under sections 80C, 80CCC and 80CCD read with section 80CCE of the Income Tax Act. Infrastructure bonds help in intermediating the retail investor's savings into infrastructure sector directly. Long term infrastructure Bonds by IDFC IDFC issued an earlier tranche of these long term infrastructure bonds on November 12, 2010. This is the second public issue of long-te...
Related Posts Plugin for WordPress, Blogger...
Invest in Tax Saving Mutual Funds Download Any Applications
Transact Mutual Funds Online Invest Online
Buy Gold Mutual Funds Invest Now