Do you know about form 26AS?

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..... Do you know about form 26AS?
By: - sarojni singh
Goods and Services Tax - GST
Dated:- 25-2-2020

Form 26AS is a statement maintained annually by the Department of Income Tax. Forms 26AS contain details of the tax credit on an account or on the Permanent Account Number of the assessee as per the Department of Income Tax records which the taxpayer may subsequently claim. It is develop .....

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..... ed in compliance with Rule 31AB of the Income Tax Rule of 1962. Tax Credit? An assessee may also pay income tax or a TDS, i.e. Tax Deducted from Origin, i.e. TCS Compensation collected at the Advance Tax or Source. The total tax paid by an assessor is registered by the Department of Revenue Tax, a tax credit which may be in any of TDS, TCS and Advance Tax forms. The Department permits the taxpay .....

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..... er to claim the tax credit as set out in the Form 26AS. Does the actual TDS differ from TDS reflected in Form 26AS? Where the real TDS deducted is separate from the TDS expressed in Form 26 AS, as stated in TDS Report. The taxpayer can not claim the actual TDS amount. Differences will occur for one of the following reasons: 1. Non-furnishing of TDS details by the deductor to the Department of I .....

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..... ncome Tax. 2. Incorrect Permanent Account Number. 3. Incorrect amount entered in TDS Return. 4. Incorrect Assessment Year. 5. Failure of the deductor to deposit TDS on time. 6. Omissions in the TDS return. 7. TDS deducted and quoted mismatch. The deductor should approach the deductor if there are discrepancies and ask him to take the necessary steps to correct the discrepancy for the above .....

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..... reasons. The deductor can file and correct the TDS / TCS correction statement. Reply By sarojni singh as = A tax credit is an amount of money that taxpayers can subtract from taxes owed to their government. Unlike deductions and exemptions, which reduce the amount of taxable income, tax credits reduce the actual amount of tax owed. One can verify any GST number here. Dated: 4-3-2020
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..... larly articles for knowledge sharing by authors, experts, professionals .....

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