Verification of TDS data with Form 26AS is very important step before filing your return. For error free return filing make sure you verify TDS details in Form 16 or Form 16a with Form 26AS.
STEP 2: Click on "View From 26AS (Tax Credit)"
STEP 4: After successful Login, click on Confirm button. It will re-direct you to traces website.
STEP 5: Now click on "View Tax Credit (Form 26AS)" link.
STEP 6: Select "Assessment Year" and "View As".
STEP 7: Use Date of birth/Date of incorporation as printed on PAN card to open the downloaded file.
Hi Mohit...Thanks for providing such excellent articles on personal finance. Actually I found your website through your answers in JagoInvestor forum.
ReplyDeleteI have a query. I have a FD in SBI and they have deducted Rs. 1875 as TDS for AY 2013-2014. I have downloaded form 26AS after going through your article. The TDS amount (1875)is mentioned in form 26AS. I didn't include the interest earned on this FD on my ITR-V as I am filing for first time and didn't know about these things. Now is there a possibility that IT people will deduct TDS again for this FD or impose any penalty on me?
Please clarify as I am realy puzzled.
Hi Dipak, Nice to see you.
DeleteSince Form 26AS contains the details of TDS on FD interest earned, IT people will demand the tax because bank deduct TDS at 10% but tax should be computed based on your current tax slab.
Re-compute the tax and pay the due tax and re-file the return. Don't forgot to enter the Callahan details of the tax paid (other than TDS) on FD interest
You can correct/modify ITR using below steps:-
1. Change Return filed under section from "11-On Or BeforeDueDt 139(1)" to "17-Revised 139(5)".
2. Enter acknowledgement no against "If u/s 139(9)-defective return , enter Original Ack No".
3. If your are correcting because you got notice, then enter notice number against "If u/s 139(9)-defective return , enter Notice No" and date against "If u/s 139(9)-defective return , enter Notice Date".
4. Correct the ITR and generate the xml.
5. Upload the xml.
6. Signed the ITR-V and send it to CPC.
Moiht, thanks for your reply. My total income is under Rs. 500000. So, I fall in 10% Tax slab. Do I need to re-compute the tax?
DeleteWhen you enter the interest and TDS details in excel, it will automatically calculate the tax. Manually no need the re-compute. Just check the excel if any tax dues are there, if so pay them.
DeleteBut remember you are correcting the data in ITR so you need to follow steps mentioned in above comment.
You have said: "bank deduct TDS at 10% but tax should be computed based on your current tax slab."
DeleteMy point is I fall in 10% tax slab and the bank has already deducted TDS at 10%. So I dont have to pay any additonal tax, right?
You are right and you can verify it by using ITR excel.
Deleteand becoming an entrepreneur. If this is a desire of yours and starting your own free tax Preparationbusiness is something you would like to do then it is very This is an interesting article. I have been in the tax business for years and I love it. It can be hard starting a tax business crucial to talk to an experienced tax preparation business because they can help you manage and marketing your company
DeleteHi John, thanks for the appreciation.
Delete