Filing The Return Of Income - India Page 10

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TDS provided by the deductor, the Income-tax Department will update Form 26AS of the
deductee.
Many times the actual amount of TDS and TDS credit as appearing in Form 26AS may
differ and it may happen that the TDS credit appearing in Form 26AS may be less as
compared to actual TDS, this may happen due to reasons like non-furnishing of TDS
details to the Income-tax Department by the deductor, deducting the tax in incorrect
Permanent Account Number, etc. In such a case the deductee should approach the
deductor and request him to take the necessary steps to rectify the discrepancy due to
above reasons.
The Income-tax Department updates the TDS details in Form 26AS on basis of details
provided by the person deducting the tax (i.e., the deductor), hence, if there is any default
on the part of deductor like non -furnishing of TDS details (i.e., TDS return) to the
Income-tax Department, deducting the tax in incorrect Permanents Account Number, etc.
then Form 26AS will not reflect the actual TDS. In such a case, the taxpayer may not be
able to claim the credit of correct TDS. Hence, the taxpayers are advised to confirm the
tax credit appearing in Form 26AS and should reconcile the difference, if any.
Precautions to be taken while filing the return of income
Following is the list of few important steps/points/precautions to be kept in mind while
filing the return of income:
 The first and foremost precaution is to file the return of income on or before the
due date. Taxpayers should avoid the practice of filing belated return. Following
are the consequences of delay in filing the return of income :
o Loss (other than house property loss) cannot be carried forward.
o Levy of interest under section 234A.
o Penalty of Rs. 5,000 under section 271F can be levied.
o Exemptions/deductions under sections 10A, 10B, 80-IA, 80-IAB, 80-IB, 80-
IC, 80-ID and 80-IE are not available.
 Belated return cannot be revised under section 139(5). However, w.e.f. 01-04-
2017, income-tax return for the Assessment Year 2017-18 and onwards filed
under Section 139(1) or Section 139(4) [belated return’ can also be revised.
 Taxpayer should download Form 26AS and should confirm actual TDS/TCS/Tax
paid. If any discrepancy is observed then suitable action should be taken to
reconcile it.
 Compile and carefully study the documents to be used while filing the return of
income like bank statement/passbook, interest certificate, investment proofs for
which deductions is to be claimed, books of account and balance sheet and P/L
A/c (if applicable), etc. No documents are to be attached along with the return of
income.
 The taxpayer should identify the correct return form applicable in his case.
[As amended by Finance Act, 2016]

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