Monday, August 17, 2015

[aaykarbhavan] Relevance of Form 26 AS for filing income tax return , Various ways and means to file correct Income Tax Return this year.... Take care

As my TDS is deducted, no need to file Income Tax Return â€" A Misunderstanding of Common Man.

Apr 29, 2015 by

Arjuna (Fictional Character): Krishna, Income Tax Department is sending notices to Taxpayers for not filling Returns of last 3-4 years based on TDS, etc. What are they?

Krishna (Fictional Character): Arjuna, Income Tax department send notices to Taxpayers on the basis of information linked with PAN , such as TDS by Banks on FDRs, Mutual Fund transaction, Immovable Property Transactions, Cash Transaction in Saving A/c, Credit Card Transaction etc. Many Taxpayers thinks that there is no need to file Income Tax Return as their TDS is already being deducted on Income earned. It is a big misunderstanding for beginners or common man. If Taxpayer has Taxable Income in any year or if he has Refund to claim then it is necessary for him to file Income Tax Return. Further if a notice is received even after Return is filed then compliance of it should be given. Further Limit of TDS deduction and basic exemption limit for taxable income, both are different. Hence even income is below taxable income, TDS is deducted by the payer and above misunderstanding starts. Further salaried persons also have same understanding, as they feel that on their total salary TDS is deducted, hence all tax is paid, no need to file return, etc.

Arjuna: Krishna, What is relation between Income Tax and TDS?

Krishna: Arjuna, TDS means Tax deducted at Source. According to Income Tax Act, in some specified Transactions like salary, rent, interest, commission, fees, etc, while paying or accounting expenditure, whichever is earlier, TDS have to be deducted and required to be paid to the Government treasury. This means the Payer pays Taxes of the Receiver. E.g. “A” is employee at “B” and his monthly salary is Rs. 60,000 then “B” has to deduct TDS from salary of “A” and required to pay TDS to Government. That means TDS depends on the type of Transaction. But responsibility for filling Income Tax Return lies with the receiver. The receiver Taxpayer has to show all the Income received in Financial Year from Salary, Rent, Interest, etc. in Income Tax Return. After considering all incomes, deductions, etc and after computing the tax if it comes to Income Tax payable then it should be paid or if refund arises then it should be mentioned in return. Taxpayer has to mention the details of TDS Credit received in Income Tax Return. I.e, reconciliation of TDS as per Form 26AS and Income Tax return filed needs to be done. Any mis match may lead to further notice to taxpayer.

Arjuna: Krishna, who should file Income Tax Return?

 Krishna: Arjuna, A Person is required to file Income Tax Return if he has Taxable income i.e. his Income is exceeding basic exemption limit (For FY 2014-15 Rs. 2.5 lakhs) even if Tax liability arises or not. If TDS of a person is deducted and Refund arises, same can be claimed, by filing Income Tax Return. E.g. many taxpayers have only income of Interest on deposits. If Interest received is not exceeding Basic Exemption Limit then it is not necessary to file Income Tax Return. But if TDS is deducted on the Interest then he has to file Income Tax Return for getting refund. To save himself from TDS deduction such Taxpayers can file Form 15G or 15H before receiving Income for not deducting TDS.

Arjuna: Krishna, what precautions should one takes before filling Income Tax Return?

 Krishna: Arjuna, Every Taxpayer should download 26AS from the Income Tax department’s website. Income and TDS as per 26AS should be verified with the Income Tax Return. Taxpayer may have to face the Department if Income is shown less than the Income shown in 26AS.

Arjuna: Krishna, if a Taxpayer receives a notice for not filling Income Tax Return, then what should be done?

Krishna: Arjuna, the Taxpayer has to give Online Compliance if he receives notice for not filling Income Tax Return in this Year and its Status has to be mentioned. The Taxpayer has to mention whether he has filed Income Tax return or not, if he has filed, then he needs to mention the Return filling date, Acknowledgement No., Circle/ Ward and whether online or paper form. If return is not filed then the reason for non-filing is required to be given. Further he has to mention whether the notice received is for his own PAN or for other related PAN. The Taxpayer can file previous year’s returns on the basis of the said notice. If it comes to tax payable then Taxpayer should pay tax and interest, file return and then submit online compliance.

Arjuna: Krishna, What should the Taxpayer learn from the Income Tax Return, TDS and Notice?

Krishna: Arjuna, the responsibility of TDS deduction is of the deductor, Filling of Income Tax Return is of self and to draw notice is of the Department. If a Taxpayer files Income Tax Return correctly then department will not issue notice and no online compliance has to be made. Many taxpayers think that after the TDS is deducted there is no need to File Income Tax Return. A small confusion / misunderstanding in the eyes of law becomes complex in future. Like our health may get damaged, if we don’t pay attention to minor illness. This means Compliance of law and Disease of body should be cured immediately otherwise its effects may create complication in future.

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Verify your tax details online at Income Tax India, TIN and bank websites

Ashish Gupta, ET Bureau Jul 17, 2011, 06.48am IST
With just two weeks left to file the income tax returns, many taxpayers are busy making their final calculations, visiting their tax consultant and filling up the returns form. Before filing the tax forms, you need to deposit the balance tax due and interest, if any. This amount is based on your tax liability for the year, after taking into account advance tax paid and tax deducted at source.
Of late, the scope of tax deduction at source has been increased and includes salary, rent, interest, professional services etc. So, while preparing the tax returns and calculating the tax liability, you should take into account the tax amount already deducted on your behalf. Now, an easy way to do this is to refer to the 26AS statement. This statement is accessible on the NSDL site and is also available online on the websites of many banks.
According to a recent advice issued by the Income Tax Department, taxpayers should review their 26AS statements to check whether all the TDS deducted is appearing against their accounts or not. This would facilitate faster processing of refunds, if any.
Tax credit statement
The Income Tax Department facilitates a PAN holder to view its tax credit statement (Form 26AS) online. Form 26AS contains details of tax deducted on behalf of a taxpayer by deductors, details of tax collected on behalf of a taxpayer by collectors, and advance tax, self-assessment tax, regular assessment tax etc deposited by a taxpayers.
It also has details of refunds received during a financial year and details of high-value transactions involving shares, mutual funds etc.
A Form 26AS is generated wherever a valid PAN is furnished in a TDS statement.
Accessing Form 26AS
The tax credit statement (Form 26AS) can be accessed in these ways:
IT website
You can view your tax credit an https://incometaxindiaefiling.gov.in, and those who are registered on this site can view the Form 26AS by clicking on 'View Tax Credit Statement (From 26AS)' in 'My Account'. The facility is available free of cost.
Bank website
You can view it on a bank's website through the Internet banking facility. The facility is available to a PAN holder with an Internet banking account with any authorised bank. Form 26AS will be available only if the PAN is mapped to that particular account. The facility is available for free of cost.
TIN website
This facility is available to a PAN holder whose PAN is registered with the Tax Information Network to view of Form 26AS. The PAN holder has to fill up an online registration form for the purpose. Then, verification of the PAN holder's identity is done by the TIN facilitation centre personnel either at the PAN holder's address or at the TIN facilitation centre that has been chosen by the PAN holder. The verification involves a cost at the prescribed rate. Once authorised, the PAN holder can view his tax credit statement online here.
Credit confirms tax deducted
The credits in the tax statement confirm that:
The tax deducted by the deductor or collector has been deposited with the government The deductor or collector has filed the TDS/TCS statement accurately giving details of the tax deducted or collected on your behalf The bank has furnished the details of tax deposited by you accurately
TIN system
Every entity that has deducted or collected tax at source is required to deposit the tax with the government through a bank. A bank will upload this payment-related information in the TIN central system. The deductors are also required to file a quarterly statement with the TIN giving details of their TDS/TCS.
The TIN central system will match the tax paymentrelated information in the statement with the tax receipt information from the bank. If they match, the TIN will create a comprehensive ledger for each PAN holder giving details of the tax deducted or collected on the basis of every deductor who has filed a statement.
In future, you will be able to use this consolidated tax statement (Form 26AS) as a proof of tax deducted or collected on your behalf, and the tax directly paid by you along with your income tax returns, after the need for submission of TDS/TCS certificates and tax payment challans along with income tax returns has been dispensed with by the Income Tax Department

Review Your Form 26AS Before Return Filing Season

Cleartax.in | Last Updated: June 10, 2015 14:41 (IST)
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Review Your Form 26AS Before Return Filing Season
Soon the government will release tax forms for return filing for financial year 2014-15. Before the actual process begins for tax filing, one of the important documents to review is your Form 26AS.

Let's first understand what exactly is a Form 26AS. Every person who makes a payment may have to deduct TDS to comply with tax rules. TDS is deducted on salary by your employer and by banks on interest income you earn. If you work as a freelancer, your client may deduct TDS before making a payment to you. Except in the case of your employer, most of the other deductors do not know the tax slab applicable to you. Deductors usually deduct a TDS of 10 per cent where PAN is available, and if PAN information is not provided a TDS of 20 per cent is deducted.

Form 26AS allows you to view details of all the TDS deducted from your income. It also has details of tax directly paid by you to the government as advance tax or self assessment tax. Form 26AS can be viewed by registering with TRACES or through net banking account of tax payers held with banks that have registered with TRACES.

It's important to go through each and every entry on the Form 26AS and validate them. You must validate the detail of TDS deducted on your Form 16 (TDS on salary) against the TDS mentioned on Form 26AS. Similarly you can check TDS details on Form 16A (TDS other than salary) that the bank provided with Form 26AS. You can also review Form 26AS against your pay slips or bank statement where TDS deductions are mentioned.

If the entries on your Form 26AS are matching, status 'F' is mentioned against status of booking under each of the entries.

Do you see any entries with a status 'U' or a status 'P'? Or maybe some of the TDS which was deducted from your income does not show up on your Form 26AS.

'U' or unmatched status means there is a discrepancy in your Form 26AS. Deductors have not deposited taxes or have furnished incorrect particulars of tax payment. Final credit will be reflected only when payment details in bank match with details of deposit in TDS statement.

'P' or provisional status means that provisional tax credit is affected only for TDS Statements filed by government deductors. 'P' status will be changed to final (F) on verification of payment details submitted by pay and accounts officer (PAO). 'F' or final is the status you'd hope to see against all your TDS details.

Here are some of the reasons for mismatch or status 'U' or 'P' or where some TDS details do not appear in your Form 26AS:
  • Deductor did not file quarterly TDS return
  • Deductor has not quoted or has incorrectly quoted your PAN in the TDS
  • You have not provided PAN or have provided wrong PAN to the deductor

If there are discrepancies in your Form 26AS, here are the steps you must take to resolve them:
Step 1: Make sure you have cross checked TDS information from Form 16 (provided by employer) and Form 16A (provided by banks) with your Form 26AS.

Step 2: Now reach out to your deductor and inform them about the error.

Step 3: The deductor has to reconcile and revise the TDS return filed by them to correct discrepancies.

Step 4: Once the deductor revises the statement and submits to the department, this TDS will then get reflected in your Form 26AS correctly.

Step 5: Once this TDS is reflected correctly, you will be able to adjust it from your final tax liability. Or you may also end up with a refund due from the government if you did not have any tax payable.

Do note that the refund of excess TDS can be done by the IT Department, since this TDS has already been deposited by the deductor. Therefore the deductor will not be able to make any refunds to you.

The Income Tax Department allows you to claim TDS which is reflected in your Form 26AS. If some TDS deducted from your income is not showing up in this form, a credit of such TDS against your tax dues may be disallowed by the department. Therefore, do review your Form 26AS timely.

Disclaimer: All information in this article has been provided by Cleartax.in and NDTV Profit is not responsible for the accuracy and completeness of the same.

Form 26AS with respect to TDS: Knowhow

Form 26AS is, in essence, an acknowledgement of sorts when it comes to Tax Deducted at Source (TDS). Which is to say that Form 26AS shows the amount of TDS, which has been deducted and is available as credit against our Income Tax liability, if any.
To understand this concept and in order to make it work in one's favour, one needs to understand the basics with respect to TDS and Form 26AS:
TDS:
1. TDS or Tax Deducted at Source refers to the deduction of Tax from the respective source of one's income. Example: Let's say that you are a Salaried employee in an organization so, subject to the applicable basic deduction/exemption limit, the organization pays Salary to you after deducting TDS from the same. Thus, Salary is your source of income and the deduction of Tax by the organization from Salary (the source of income) before paying the same to you is referred to as Tax Deducted at Source (TDS).
2. Tax is Deductible from various sources of income subject to applicable basic deduction/exemption limits. Example: Bank deducts TDS from interest (the source of income) on Fixed deposits etc.
3. Now, TDS which has been deducted by the deductor (the person responsible for making the payment, example: Bank which pays interest on Fixed deposit so Bank will be referred to as a deductor), has to be deposited in Government account on behalf of the deductee (deductee is the one who receives the income, example: the receiver of interest on Fixed deposit from Bank).
4. After depositing TDS in Government account, the deductor, files a TDS return after the end of every quarter with National Security Depositories Limited (NSDL).
5. The main purpose of filing TDS return is to inform the Government as to what all payments have been made during the quarter, to whom have the payments been made, what was the nature of payment like interest, Salary etc., PAN no. of the person to whom the payments have been made, the rate and amount of TDS deducted etc.
6. Thus, basis these returns, Government gives the credit of TDS to the respective persons on behalf of whom TDS has been deducted by the deductor.
Form 26AS:
1. Government gives the credit of TDS on the basis of TDS return and this credit gets reflected in Form 26AS. Example: Let's say that you have a Fixed deposit of Rs.10,00,000/- @8% with ICICI bank and the Bank paid the interest of Rs.18,000/- (20,000-2,000 (TDS)) for the period April to June and then in July filed the TDS return for the period April to June. Thus, after filing of TDS return by ICICI bank, a credit of Rs.2,000/- will get reflected in your respective Form 26AS because in the TDS return filed by Bank, Bank had given the details of interest payable to you i.e. Rs.20,000/-, the amount of TDS deducted from the same i.e. Rs.2,000/- , your PAN number, Name etc. Hence, on the basis of your PAN number, the Government gives the credit of Tax deducted from your income which gets reflected in Form 26AS.
2. The organization deducting TDS from your income, like ICICI bank in the aforementioned example, will issue a TDS certificate to you after filing TDS return.
3. You can compare Form 26AS with TDS certificates issued to you and if the amount of TDS deducted as per Form 26AS and as per TDS certificates is the same then it means that the Tax credit reflecting under your PAN in Form 26AS is correct. However, in case if TDS in certificates and Form 26AS does not match then you need to inform the deductor i.e. ICICI bank in the aforementioned example. The deductor will then revise the TDS return filed because such an issue of TDS credit not getting reflecting in Form 26AS occurs only when there is some error in TDS reurn filed by the deductor.
4. Most common reason due to which proper credit does not get reflected in Form 26AS is that the deductor has not quoted or has quoted incorrect PAN number (your PAN number) in TDS return.
5. Once the revised TDS return is filed by the deductor after making necessary corrections then the credit will get reflected in one's Form 26AS after sometime.
Thus, before filing the return of income one must check Form 26AS to make sure that proper TDS credit is appearing in Government records.
Please remember that irrespective of TDS certificates you have, credit of Tax shall be given on the basis of Form 26AS only. However, these days TDS certificates are being downloaded from TRACES portal, thus, chances of mismatch between TDS certfificates and Form 26AS are minimal.
Please take care that you claim TDS credit in your Income Tax Return after tallying TDS certificates received by you with Form 26AS so that you get 100% benefit of TDS deducted from your income. As, at times, it so happens that the amount of TDS credit appearing in Form 26AS is more than the amount in TDS certificates and this happens because one or some of the deductors who have deducted TDS on your behalf have not issued TDS certificate(s), for the same, to you.
(Author Details- CA Sahil Jolly – Jolly & Co. Chartered Accountants, Contact: +91-9999830077, Email : casahiljolly@gmail.com)

Understanding your Form 16 & other Tax related forms (Form 16A & Form 26AS)

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If you are a salaried person, I am sure you would have received your Form 16 by now. This document is issued by the employers every year. It is very important to understand the details given in Form 16. Understanding the content of Form-16 helps you file your I-T returns easily.
So, what is Form 16?
It is a certificate under section 203 of the Income-Tax Act, 1961, which gives information on the tax deducted at source (TDS) from income chargeable under the head "salaries". It gives details of the tax deducted by your employer. In layman terms, Form 16 is the 'Salary / Income Certificate' that is issued by your employer.
In this post let us understand – What the various sections in Form 16? What is the difference between Form 16 & Form 16A? What is the link between Form 16 & Form 26 AS? How to verify if TDS is deposited or not? How to use Form 16 to file your Income Tax Returns? What you need to do if you have multiple Form16s?Form 16 and other income tax related forms

Form 16 – Details & Sections

Form 16 is a user-friendly document. It has two sections, 'PART A' & 'PART B'.
Part A of form 16 has details like –Form 16 Part A section pic
  • Employee's name & address
  • Employer's name & address
  • PAN no and TAN no (Tax deduction account number) of your employer (the Deductor)
  • PAN details of employee
  • Assessment Year (the year in which your tax liability is calculated for the income earned in the previous year. If financial Year or previous year is 2014-15, assessment year would be 2015-16)
  • Part A provides the summary of TDS deductions. (This summary can be quarterly / monthly basis or on the periodicity of how your employer deducts TDS and credits the tax to the IT department)
  • This section also gives you details about the 'period of employment'. (If you have worked for two or more companies in a financial year, you will have multiple form 16s)
Part B of Form no 16 has below details;
  • Income Chargeable under the head of 'Salary' . (Includes salary – Allowances and deductions (like LTA /HRA / Professional tax etc) Form 16 Part B section pic
  • Gross Income is Salary income + any other income reported by you. (Other income can be negative income ie loss from your house property or capital gains etc.,)
  • Next, deductions Under Sections 80c / 80 ccc / 80 ccd are provided. (The maximum limit is Rs 1.5 Lakh)Form 16 Part B section tax deductions 80c series pic
  • Then the deductions under other sections such as 80D (health insurance premium), 80E (interest on education loan), 80G (donations), and others are provided. (You would have submitted investment proofs for claiming tax deductions to your employer, these tax deductions are listed here)Form 16 Part B section tax deductions 80d 80e series pic
  • The totals of qualifying deductions (Aggregate of deductible amounts under Chapter VI A : Point no 10) are reduced from your Gross Income (Point no 8) to arrive at the 'Taxable Income' (point no 11). Tax is calculated (Point no 12) on this amount based on your tax slab. Form 16 Part B section taxable income tds tax liability pic
  • If TDS is deducted by your employer, this amount is subtracted from your total tax liability. The net tax amount can be nil (or) some tax amount payable (or) refund. (The balance, if negative, is your refund amount)
If your income from Salary is more than the basic exemption limit (Rs 2.5 Lakh for FY 2014-15), your employer is required to deduct TDS from your Salary and deposit it with the Government.
If you have also disclosed your income from other heads to your employer, they will consider your total income for TDS deduction. If your income is below the minimum exemption limit your employer will not deduct any TDS and may not issue you this form. If you have worked with more than one employer during the year, you will have more than one Form 16.

Form 16 Vs Form 16A

Form 16 is your Salary Certificate or TDS certificate issued by your employer. Form 16 A is also a TDS certificate which is generally issued on quarterly basis. While Form 16 is for only salary income, Form 16A is applicable for TDS on Income Other than Salary. (Form 16A is a statement containing all details of TDS Deducted on all Payments except Salary)
Form-16A also has details of name & address of deductor/deductee, PAN/TAN details, challan details of TDS deposited. It also has details of income that you have earned and the TDS deducted and deposited on such income.
Example – Form 16A is issued by banks when they deduct TDS on interest income earned on your Fixed Deposits / Recurring Deposits.
Let me provide you with a sample Form 16A. I have received the below Form 16 A from Standard Chartered Bank. On one of my FDs, I got a credit Rs 1,188 as interest income and on it Rs 118.80 has been deducted as TDS (@10%). (Remember, if you are in a different income tax slab rate say @ 20%, you need to include this interest income and pay the balance taxes accordingly)Form 16 A TDS on bank FD picForm 16 A TDS on bank FD deposited pic
What is Form 26AS? (How to check or verify if TDS deductions are deposited with IT dept?)
As discussed above, TDS is deducted on Salary and other income, and deposited with Income Tax Department. So, how to check if these TDS amounts are actually deposited with the department or not?
Form-26AS gives you all the details of Tax credits. It is a form which indicates that the tax that has been deducted has also been deposited with the Govt.
The Form 26AS contains details of tax deducted on behalf of the taxpayer (you) by deductors (employer, bank etc.). So, TDS deductions that are given in Form 16 / Form 16 A can be cross checked using Form 26AS. The TDS amounts reflected in Form 26AS and Form 16/16A should always be the same.
(If there are discrepancies, the IT dept will consider the TDS figures as per Form 26AS only. You need to contact the TDS deductor to rectify any errors. For example– If your employer has updated your PAN wrongly, TDS deduction will not get reflected in your From 26AS. In this case, you need to get this error rectified by your employer.)
To access your Form 26 AS, you need to visit Income Tax website and click on View Form 26AS. You need to provide your login credentials to access this form. You can then download relevant financial year's  form-26AS statement. (Form 26AS is provided by TRACES – TDS Reconciliation Analysis and Correction Enabling System)
Below is a sample Form-26AS. In the below image you can view TDS on EPF withdrawal and TDS details from the employer (Tata Consultancy Services Ltd).Form 26 AS example pic
You can also find details of your tax payments (self assessment tax/ regular assessment tax/ advance tax) in Form 26 AS. Details of tax refund received during the financial year are also available in this form.
Form-16 & ITR (Income Tax Returns)
Form16, Form 16A (if you have income from other sources) and Form 26AS documents will come handy while filing your ITR. As discussed above, you have most of the details in your form 16 with which you can easily file your Tax Returns. Cross check your Form 16/16A TDS amounts with Form 26AS and then key in TDS details in ITR accordingly.
Based on Form 16, you can fill 'Income' and 'TDS' details. Based on Form 16 A, you can fill 'income from other sources' and 'TDS' details in ITR sheet.
Based on Form26 AS, you can cross check the above TDS payments and also fill in details of 'Advance or self assessment tax' payments (if any) in your ITR sheet.
Multiple Form 16s
If you have changed your jobs during the financial year, it is advisable to submit your income from previous employment to your new employer. In addition to this, submit all your investments, house rent etc., details to your current employer.
If you do so, the form 16 which is released by your new employer can have all the required details and TDS will be deducted accordingly. Do note that you need to enter the TDS deducted by your current as well as previous employer in your ITR, and pay taxes (if any) accordingly.
In case if you have not shared the details, you can file your Tax returns online based on multiple Form 16s. You need to consider both the incomes together and pay taxes accordingly. (Remember, do not consider tax exemptions twice while calculating the tax liability)
(It is advisable to save a copy of all your form-16s. As soon as you receive form-16 from your employer, email and save it in your personal mailbox. These forms are useful not only for filing Tax Returns but also for applying for home loans / term insurance etc.,)
I hope you find this article informative. Kindly share your comments. Cheers!


Why Form 26AS is so important for income tax filling

Team HP | September 22, 2014 | Tax | 1 Comment
Form 26AS is a statement which shows income tax credit for a particular permanent account number or PAN. It shows all tax payments like advance tax, self assessment tax, penalty paid if any, tax refund and tax deducted at source.
At the end of the year or during the year, a particular person having a permanent account number can know how much tax credit he or she has for the financial year and based on that they can derive final tax liability for the year before filling IT return.
Employees can also cross check form 26AS with their salary slips periodically to know whether their employer has deposited the TDS amount that has been deducted from their monthly salary or not.
Form 26AS is so important for income tax filling
Form 26AS can be accessed from income tax department's website by logging in with PAN number, password and date of birth. Companies and firms are required to enter date of incorporation in place of date of birth to login.
If you have not yet registered your PAN then we suggest you to register first and then avail these benefits. Form 26AS can also be accessed from the person's net banking account and even from NSDL sites.
TDS certificates i.e. form 16 and 16A must be cross checked with form 26AS. Even though form 16 and 16A is downloaded from Income tax department's website and sent to assessee. We suggest all taxpayers to cross check date of deduction, amount deducted and other details before filling IT return.
If you know any TDS amount which is not reflecting in form 26AS then take up this matter with the person who has deducted. If you did not get anything after taking up this matter with the deductor then inform income tax department on this issue.
In certain cases you will find that figured as mentioned in form 16 and/or form 16A is not matching with form 26AS. In these types of situations, if you file your tax return with higher tax credit instead of taking up this matter with the concern department then you have to be prepared for IT scrutiny notice. So resolve these issues before IT return filling.
You are also required to check status of each entry that is reflecting in form 26AS. If it shows as status F then the entry is in final status. If instead of F, the status is U then the deductor has done some mistake.


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Posted by: Dipak Shah <djshah1944@yahoo.com>


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