ITR Filing: TDS plays an important role while filing Income Tax Return (ITR). TDS is a kind of system issued by the government. It includes the tax deducted from the income of the taxpayer. Many times the TDS information in Form 26AS is incorrect. Let us know in this article what the taxpayer should do in such a situation?
ITR Filing: TDS plays an important role while filing Income Tax Return ( ITR ). TDS is a kind of system issued by the government. It includes the tax deducted from the income of the taxpayer.
What is TDS?
Let us tell you that TDS is a kind of system which the government started to prevent tax evasion. It is deducted as tax in a fixed amount before paying any salary, interest, rent or professional fees. The amount included in TDS goes directly to the government.
If more TDS amount is deducted, then the taxpayer can claim TDS deduction while filing ITR. Form 26AS in ITR contains information about the amount related to TDS.
This information is in Form 26AS
Part A of Form 26AS contains information about TDS deducted from income during the entire financial year. It contains information like name of the deductor, TAN number, income source, date of depositing TDS etc.
The TDS information given in Form 26AS should be filed only after verification. Now the question arises that what to do if the TDS information present in Form 26AS does not match with Form 16?
What to do if there is TDS mismatch in 26AS
If the information related to TDS in Form 26AS is not correct or there is a mismatch, then the taxpayer can modify it. The Income Tax Department has provided the facility of information correction to the taxpayers.
According to the information available on the official website of the Income Tax Department, the taxpayer can modify the TDS information given in Form 26AS by giving valid reasons. In cases like tax deduction from wrong PAN number or not giving information of TDS details to the Income Tax Department, the taxpayer cannot make amendments.
For this reason, the Income Tax Department also advises that the taxpayer should verify the information shown in Form 26AS. If the information given in Form 26AS is incorrect, then get it corrected. For this, the taxpayer can also file a TDS/TCS correction statement.
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