Crazy Duke (Student) (86 Points)
20 October 2011Well, I found that our company has many TDS Form 16s without an entry in Form 26AS. I believe that we can claim TDS based on that. Right. My boss disagreed and said we cannot claim TDS without it being in Form 26AS. In my opinion Form 16s constitute sufficient evidence right. WHo is right?
Pls Help.
Thanks a lot in advance for all the friendly replies.
Arvind Sharma
(ACA)
(1432 Points)
Replied 20 October 2011
Sanket
(!..Live to Give..!)
(16427 Points)
Replied 20 October 2011
In many case it happens that assessee has issued TDS certificate but it can't be viewed in 26AS...
it may be because of lack of coordination between IT dept. and NSDl..
But You can claim TDS on the base of form 16.....
Here your boss is wrong....
Rahul Gupta
(Chartered Accountant)
(644 Points)
Replied 20 October 2011
You can claim the TDS based upon Form 16 & Form 16A but initially the CPC of ITD will refund the tax on the basis of Form 26AS. You need to submit the rectification to CPC.
It is clearly mentioned on the website www.incometaxindiaefiling.gov.in that in case any mismatch between your Form 16s and Form 26AS than the tax payer has to approach the deductor for filing the revised correct statements which enables NSDL to update the same.
Mansi
(CA (Final), B.com)
(939 Points)
Replied 21 October 2011
| Originally posted by : !..SaNKeT..! | ||
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In many case it happens that assessee has issued TDS certificate but it can't be viewed in 26AS... it may be because of lack of coordination between IT dept. and NSDl.. But You can claim TDS on the base of form 16..... Here your boss is wrong.... |
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Am Also Agree with Sanket
S Gopal
(audit)
(44 Points)
Replied 21 October 2011
Please check whether they have paid the TDS with department as per the Form 16's or not. If they have not paid and Filed the TDS, Department will not give credit to your PAN number. So before claiming the TDS credit - please check with deductor's.
Hardik Patel
(B.Com, CA Final)
(158 Points)
Replied 21 October 2011
Shouvik Chakraborty
(B.COM CA FINAL ACCOUNTS EXECUTIVE)
(120 Points)
Replied 21 October 2011
Form 16A only denotes that the deductor has deduct money from you, but it does not mean that the deductor has paid it to the Govt. It will be only evident from Form 26AS. Unless your deduction has not been shown in 26AS you will not be able to get benefit of it, because when the IT authority check your TDS amount from their system by entering your PAN, they will not be able to see your deducted amount as your deductor has not filed TDS Return. This is a common problem now a days. However you can claim it, but I don't think you will be able to get credit of TDS. Your boss is right. Do one thing, contact with your deductor, ask them either to file TDS Return or return you the money they have deducted. Best of Luck!
arjun s
(CA Final)
(299 Points)
Replied 21 October 2011
| Originally posted by : Shouvik Chakraborty | ||
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Form 16A only denotes that the deductor has deduct money from you, but it does not mean that the deductor has paid it to the Govt. It will be only evident from Form 26AS. Unless your deduction has not been shown in 26AS you will not be able to get benefit of it, because when the IT authority check your TDS amount from their system by entering your PAN, they will not be able to see your deducted amount as your deductor has not filed TDS Return. This is a common problem now a days. However you can claim it, but I don't think you will be able to get credit of TDS. Your boss is right. Do one thing, contact with your deductor, ask them either to file TDS Return or return you the money they have deducted. Best of Luck! |
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ur right he will not be given credit by the department.
arjun s
(CA Final)
(299 Points)
Replied 21 October 2011
Possible reasons:
The reasons for not showing the credits in Form 26AS are due to TDS/TCS statement may not be submitted by deductor or collector, deductor or collector may not be provided with PAN by Tax payers, deductor or collector may be provided with wrong PAN by Tax payers, in TDS/TCS return the deductor or collector may provide an error to refer PAN of Tax payer. The reasons may be due to the wrong reference of PAN by the deductor or collector. The challan details in return of the deposition of TDS/TCS statement may be wrongly cited in statement by the deductor or the bank cited wrong details of challan.
Rectification:
In order to rectify faults the deductor must file those TDS/TCS statement if it is not done. If PAN is error then in the TDS/TCS statement PAN should be rectified by using PAN correction statement. Before the deductor filed the TDS/TCS return the TAX payer must submit PAN correction statement in case the deductor forget to provide the details due to lack of care. If the TDS/TCS statement contains the error in challan details then tax payer must submit the correction statement for rectifying the error. If the challan details contain any mistake in the amount then tax payer must consult with the banks.
Anjana
(Articled assistant and IPCC cleared)
(31 Points)
Replied 22 October 2011
Here TDS certificate form 16 just means that TDS has been deducted from your income by that party but credit will be available only if that deducted TDS is paid to the Income tax department . Thus credit will be available only if it appears in form 26AS which indicates that the amount has been paid and it is credit as your tax !! Thus your boss is right
Rajesh Dubey
(account executive)
(40 Points)
Replied 22 October 2011
Dear
Income tax department cannot give us any amount without reflection in 26AS.
Rajesh Dubey
karishma lokwani
(practice)
(62 Points)
Replied 22 October 2011
16A only denotes that the deductor has deduct money from you, but it does not mean that the deductor has paid it to the Govt. It will be only evident from Form 26AS. Unless your deduction has not been shown in 26AS you will not be able to get benefit of it, because when the IT authority check your TDS amount from their system by entering your PAN, they will not be able to see your deducted amount as your deductor has not filed TDS Return. This is a common problem now a days. However you can claim it, but I don't think you will be able to get credit of TDS. Your boss is right. Do one thing, contact with your deductor, ask them either to file TDS Return or return you the money they have deducted. Best of Luck!
CA sagar satish parab
(service)
(50 Points)
Replied 22 October 2011
| Originally posted by : Shouvik Chakraborty | ||
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Form 16A only denotes that the deductor has deduct money from you, but it does not mean that the deductor has paid it to the Govt. It will be only evident from Form 26AS. Unless your deduction has not been shown in 26AS you will not be able to get benefit of it, because when the IT authority check your TDS amount from their system by entering your PAN, they will not be able to see your deducted amount as your deductor has not filed TDS Return. This is a common problem now a days. However you can claim it, but I don't think you will be able to get credit of TDS. Your boss is right. Do one thing, contact with your deductor, ask them either to file TDS Return or return you the money they have deducted. Best of Luck! |
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From my point view IT Dept will look only to Form 26AS and will give you a credit upto that amt only which appears in Form 26AS
CAclubindia
