Tax Claimed Vs Tax Available to be Claimed

In this post, we will be discussing about Income Tax notice that gets triggered due to Tax Credit Mismatch.

2 situations are considered here -

Tax deducted and paid by Banks on behalf of us for the FD Interest income they pay.

Tax deducted and paid by Employers on behalf of us for the salary they pay.

Banks, while paying interest and Employers at the time of disbursing salary deduct TDS (Tax Deducted At Source) from the actual gross payment.

This TDS details needs to be mentioned in the Income Tax Return (ITR) for the concerned year filed by you so that tax paid by others on behalf of you can be claimed back from the Government as refund.

One can refer to Form 16 in case of employer and Form 16A from bank to arrive at the TDS amount. These details are also mentioned in Form 26AS which is available for your PAN on the IT department website- along with details of the person who has paid the tax for you.

It is recommended that this form be checked before entering the TDS amount in the ITR to make sure that you are not missing any amount. If there is a mismatch between the TDS mentioned by you in the ITR and data available with department, then a notice shall be served to seek the reason for the mismatch.

Also the TAN (Tax Deduction Account Number) of the employer / deductor needs to be correctly mentioned in the income tax return. This TAN will be available in the Form 26AS/Form 16/Form 16A. If the TAN is mentioned incorrectly in the income tax return, then you will be served with a notice informing about non matching of TDS claim.

Bottom Line - Always check Form 26AS before filing your Income Tax Return.


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