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Itr form 26 as salary query

amit (articled assistant) (171 Points)

26 July 2012

Hello members i have one query in my itr i have shown my correct salary but in form 26As the amt paid or credited shown is less than what i have shown in ITR do i need to revise the return with salary shown in Form 26 As or not

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12 Replies

CA Ashish Pathak (Employed at Cipla Ltd.) (2779 Points)
Replied 27 July 2012

Dear Amit There is no need to revise your return. Its not necessary that the amount of salary which is taxable (as shown in form16) will be equal to the amount paid as shown in form26. The taxable salary is computed after considering various exemptions and deductions as per the Act. This computed taxable salary will obviously be different from what your employer paid you. Moreover it should be noted that the main purpose of form26 is to enable the assesses to verify the tax deducted from amount paid or credited to them. Form26 can never be a proof of your salary. But the form16 is the final and most genuine proof of your salary and tax deducted by your employer. So nothing to worry. You are right on your part. Regards.

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CA CS CIMA Prakash Somani (Landmark Group) (23502 Points)
Replied 27 July 2012

corerctly said by ashish.

*RENU SINGH * (✩ §m!ℓ!ñġ €ม€§ fℓม!ñġ ђ♪gђ✩ ) (21627 Points)
Replied 27 July 2012

agree .........

Forum D Saiya (Employee) (212 Points)
Replied 27 July 2012

Agree rightly said

(Guest)

Hi Amith,

You have not mentioned whether you have received form 16 or not from your employer also have not mentioned is there any difference between final taxability and tax deducted/ deposited as per form16/form26AS. Please note the following..

You can cross verify the tax deposited details paid by employer in Form 26AS which is deducted from your salary. First you need to check the Form 16 received from your employer whether it is downloded from income tax website(NSDL). Some employers print form 16 internally. So this internally generated form 16 is no validity. Income tax department has issued circular in this respect for F.Y 2011-12 onwards .If the employer generated Form 16 from NSDL and issued to you, it always match as per Form 26AS.

In case as per Form 16 tax deducted shown more than Form 26 AS, u don’t get refund if any. The income tax department consider the amount of tax deposited by employer on behalf of you as per Form 26AS only.

You need to deposit self assessment tax as the difference tax payable comparing to Form 26as and final taxability if any & need to revise the return. Or if your employer deposited tax lesser than tax showed Form 16, you need to check with your employer.

Regards

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CA Ram (CA) (310 Points)
Replied 27 July 2012

Agree rightly said

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CA.Ravi Kant Teltia, CS, CWA (Chartered Accountant) (49 Points)
Replied 27 July 2012

Dear Amit

The anomalies in form 26AS & your actual salary imerges from qtrly return 26Q filed by the employer. In your case, employer has not correctly specify your taxable salary amount, while submitting of qtrly 26Q return.

You donot need to revise your IT return rather ask employer to revise form 26Q for that particular qtr.

Thanx

Ravi Kant Taltia

CA Ashish Pathak (Employed at Cipla Ltd.) (2779 Points)
Replied 27 July 2012

Dear Mr.Murthy, Lets consider a case where the employer has deducted tax at source on salary of his employees but doesnt pay the same to the govt. The employer issues form16 to its employees in which all the tax deducted by him is certified. Now when the employee attempts to verify the said tax deducted with form26AS, it will obviously not tally with form16 because the employer defaulted in paying the TDS and filling TDS returns. So now what this employee should do? Should he consider the amount of TDS as per form26As or what is certified by his employer in form16? In my view of course the employee should consider the tax that has been deducted by employer (as certified in form16). Why the employee is going to suffer because of the default on part of his employer?

amit (articled assistant) (171 Points)
Replied 27 July 2012

This is to inform that TDS deducted amount is same as per Form 16 and Form 26AS

Form 16 is given by employer that is internally and not downloaded from income tax site

i also want to know that if there is a mistake done by employer in form 16 but i have correctly filed itr on proper salary received do i need to revise the return form 16 has not been rectified

and lastly what my earlier que was salary rec is more on which i have paid tax but salary shown as per form 26 AS in amt paid or credited is less

(Guest)

Dear Amith,

In case Form 16 TDS amount matched with Form 26AS no need to worry. You no need to consider the tax computation part shown in the form 16/Form 26AS.You can file correct computation in ITR. Also you no need to revise the return which u already filed correctly.

Hope your final taxability figure as per form 16/Form26AS & as per ITR is same!!

Regars

Anand

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(Guest)

Dear Ashis,

Rule is a rule. In case of employer default, the employee no need to suffer.. As employee concerned he can take neccessary action on defaulted employer for that income tax department will support.

If an employee consider the tax liability and file the return as per dummy form 16 issued by defaulted employer, then the employee get the notice from income tax departmnet directly for shortfall in tax .

The Income tax department finally expect the proper tax collections either from employee or employer who paid tax on behalf of employee where the said department does not aware of whose default.

Regars

Anand.

amit kumar agrawal (article) (27 Points)
Replied 28 July 2012

Can an employer retain the amount of PF showing in the balance sheet as liablity without forming any PF trust? While he is continuous providing interest thereon at higher rate which is precribed under PF Act. Is there any involvement of violation of law.