ITR submitting for AY 2022-23: The due date for earnings tax return (ITR) submitting for FY 2021-22 or for AY 2022-23 is thirty first July 2022 and tax consultants are advising particular person taxpayers to file their earnings tax return on time. They stated submitting ITR throughout the given due date will assist a taxpayer save late payment as much as ₹5,000 as ITR submitting post-July thirty first, 2022 will entice late payment as properly. However, they cautioned taxpayers to make sure appropriate data in Form 26AS earlier than submitting one’s ITR.
Tax consultants stated that one mustn’t look forward to the final date of ITR submitting and examine Form 26AS a lot earlier than the due date and if there may be any incorrect data there, get it corrected earlier than the due date after which file one’s earnings tax return.
On how one can appropriate the error in Form 26AS, Aarti Raote, Partner at Deloitte India stated, “Form 26AS has details of income streams like salary, fixed deposit interest, capital gains etc. and taxes withheld thereon. Thus the details in 26AS is done by pulling out the details from tax withholding returns filed by various payers. Incase of any inadvertent erroneous reporting by any payer, the 26AS would reflect incorrect details. The tax payer should always check this information provided in the 26AS and incase of incorrect reporting make a request to that payer to correct this data with appropriate supporting documents. This could be either the employer in case of salary income or the banks for FD interest or any other payer. The payers would verify these details and file a rectified tax withholding return.”
Speaking on commonest error that will happen in your Form 26AS, Sujit Bangar, Founder at Taxbuddy.com stated, “Form 26AS details are updated on quarterly basis. and you can claim only those credits which are reflected in Form 26AS while filing ITR. As a taxpayer, one should regularly check 26AS statement. There are various cases found for mismatch of data available in Form 26AS. Most common error is of not having credit available in form 26 AS. First thing to do is to reach out to your deductor and request for updation in TDS statement filed and if not filed yet, request to file TDS statement at the earliest.”
Sometimes you will have paid taxes like advance tax or self evaluation tax, however similar will not be reflecting in 26AS. This occurs as a consequence of many causes like wrongly entered PAN or AY. Sometimes there may be failure on a part of financial institution to add digitised data to TIN. To appropriate this error, you may write to assessing officer with request to vary in challan. You can use the Challan standing enquiry facility offered at TIN web site to confirm whether or not challan bearing the CIN is uploaded to TIN.
“It has been seen in few cases, entries not pertaining to your taxes are reflected in 26 AS. In such cases, you should immediately intimate your deductor to check if there is any mistake in TDS statement filed by your deductor. You can also write to assessing officer intimating this fact and seek intervention to correct it,” Sujit Bangar of Taxbuddy.com concluded.
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