ITR Filing: How to claim TDS Credit not reflecting in Form 26AS

financialexpress.com:

Tax Deducted at Source (TDS) applies to various income sources, including salaries, business income, property sales, and interest on bank deposits. When a payer deducts TDS from your income, they essentially withhold a portion of your tax liability. This deducted amount is then credited to your tax account and is supposed to be reflected when you file your tax return.

However, there can be instances where this TDS credit isn’t immediately available in your tax records. This may happen due to numerous reasons like non-deposit of TDS to the Government by the counter party, due to mismatch in details or any other reason.

Yet, the tax payer need not lose his sleep. The remedies are available in these cases and we suggest the following ways and means by which the taxpayers can claim such TDS as per the procedures laid down by the Government.

Also Read: How to maximize tax benefits for senior citizens in India

A word of caution for the deductees is that one should match the TDS with his/her income statement and should not take all TDS credit without verifying whether the corresponding income is theirs or not. There may be a situation where a deductor by mistake or fraudulently discloses an assesse’s PAN no corresponding to the TDS deducted, when the transaction has not happened with such deductee. In such a case one must deny the TDS Credit in the AIS statement available on the Income Tax Portal.

Also, taking excess credit can be detrimental to the taxpayer and diligence is required to be maintained while claiming TDS.

(By Vivek Jalan, Partner – Tax Connect Advisory Service LLP & Chairperson – The Bengal Chamber of Commerce & Industry)

Disclaimer: Views and facts expressed above are those of the author. They do not