The last date for filing an income tax return (ITR) is approaching soon, and it is significant for the taxpayers to crosscheck the subtleties mentioned in Form 26AS. Form 26AS, which is also known as the passbook for your tax deposits, is an important document, and your tax refunds, assuming any, subsequent to filing the income tax return(ITR) rely upon the tax deduction figure as shown in Form 26AS.
So financial experts advise matching the tax credit figures in your Form 26AS with your Form 16 or Form 16A to guarantee that the deduction of tax was done by your manager or bank on your interest income or by your landlord against your rent match with the amount reflected in the Form 26AS.
Why Mismatch Happens In Form 26AS?
There are numerous reasons which can prompt a blunder in Form 26AS. On the off chance that the amount of TDS deducted from your salary or interest income is not correctly reported by your employer and bank respectively then it might prompt a blunder in your Form 26AS. In some cases, while filing TDS returns, the deductor may specify the wrong PAN against your name which can prompt a mistake in your Form 26AS.
Unfortunately, as an individual whose tax has been deducted, there isn’t a lot you can do if there is an error in your Form 26AS. The solitary plan of action is approaching the deductor to amend or refile the issue creating TDS returns and rectify the mistake. Some chartered accountants say mistakes such as, citing the wrong assessment year or choosing the incorrect category of taxes paid while depositing advance tax or self-assessment can also result in errors.
How to Rectify the Mistake?
Correction of mistakes in Form 26AS relies upon the cause of the error. For example, if the deductor (employer or bank) has committed an error while depositing your tax against your PAN with the government, at that point in such a case, you need to contact your deductor to amend the misstep.
If you notice a mistake in the Form 26AS, you should initially attempt to reconcile the differences between the amount that should be seen during the 26AS as indicated by you versus what is really there. This will assist you with distinguishing who needs to rectify the mistake
The most probable clarification for the mistake incorporates erroneously cited PAN, incorrect assessment year mentioned, payment of tax under the wrong section, omitting the details of TDS payment in the return, incorrect deduction or payment, amongst other things. All these issues must be rectified by the deductor revising the TDS return. Contact the individual who deducted the TDS and request them to check the TDS returns filed by them in order to identify the mistake. They should update the TDS returns to rectify the error. In the event that you can’t resolve the issue subsequent to contacting the deductor, the best strategy is to connect with an expert for help
For more information, visit the website of All India ITR