Revised return for deductors tds error

This query is : Open

Querist : Anonymous

Querist : Anonymous (Querist)

08 February 2016 Dear Sir/Madam

The assessee of an Agent of Life Insurance Corporation of India, I have filed the return on the basis of Tax Credit shown in 26AS. The Return is not processed yet. Return was filed on 12-08-2015.

While checking 26AS again it shows reverse figures, Deductor explained that they have revised their TDS Statements.

CPC has not yet proceed return. The Tax Credit was appx. Rs. 10000/- and right now it shows appx. Rs. 7000/-.

What should to do ? Should the Return be Revised for getting Tax Refunds ?

CS Advocate Abhishek Goyal

CS Advocate Abhishek Goyal (Expert)
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09 February 2016 From your query it appears that you had claimed TDS of Rs. 10,000/- in return as it was appearing in 26AS at that time. Now some entries have been reversed and tax credit shown is only Rs. 7000/-. You need not revise the return since in any case CPC will grant tax credit of Rs. 7000/- only on the basis of 26AS.

CS Advocate Abhishek Goyal

CS Advocate Abhishek Goyal (Expert)
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09 February 2016 However in case you have shown income corresponding to tax credit of Rs. 10000/-, you may have to revise income corresponding to tax credit of Rs. 7000/- as it is now appearing. In other words you must have shown income at a higher side as per tax credit and income credited in 26AS at the time of filling income tax return now since some of the entries have been reversed by the deductor, you may have to show income credited accordingly.

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Querist : Anonymous

Querist : Anonymous (Querist)

09 February 2016 Thanks.
It mean I should wait for CPC Procedures ?