What happens if Form 16 and 26AS not match?

Rectifying mismatches So, please approach your employer/deductor to file a revised TDS return after making the necessary corrections. The Income Tax department allows the assessee to mention the reason for mismatch in the online portal in answer to a Notice sent by the department.

What to do if 26AS is incorrect?

If PAN holder details appearing in Form 26AS are incorrect, the same can be updated by making an application using the ‘Request for new PAN card or/ and changes or correction in PAN data’. This request can be made either online or through the existing network of TIN-FCs.

What happens if TDS is not reflected in 26AS?

Review the Form 26AS regularly to confirm if the employer has deposited the TDS to the IT department. Sometimes, the tax deducted from your account may be deposited to an incorrect PAN account by mistake. Discuss this with your employer and make a request to revise the TDS payment.

Can Form 26AS be wrong?

Rectification of error in Form 26AS depends on the cause of the error. For instance, if the deductor (employer or bank) has made a mistake while depositing your tax against your PAN with the government, then in such a case, you need to contact your deductor to rectify the mistake.

What is the difference between Form 16A and 26AS?

While Form 16 is issued annually on TDS from salary, Form 16A is issued every 3 months for TDS on income from other sources. Form 26AS, on the other hand, is a government record of the tax deducted from an individual or company and deposited with the Income Tax Department.

How can I correct form 26AS?

Rectification of errors in Form 26AS: Your deductor can file a TDS correction statement to the Income Tax Department for rectification of the error. You can now also explain the reason for mismatch in the portal in response to the query raised by IT seeking an explanation for the mismatch.

How many days it will take to reflect in Form 26AS?

There is no specific timeline mentioned in the income tax laws which states by when such mistakes must be rectified. However, it can take 30-45 days to reflect the deposit of TDS in the Form 26AS, depending on the efficiency of the company’s (employer) accounts department.

Who will update Form 26AS?

Income tax department updates Form 26AS, now includes mutual fund purchases, foreign remittances and more. The income tax department has updated the Form 26AS . It will now include mutual fund purchases, foreign remittances, interest on income tax refund and more.

What is form 16 or 16a?

Form 16 or 16A are provided by employer to employee as a proof of tax deduction. At the end of the financial year, tax payers file their income tax returns (ITR) from the income tax details provided in form 16 or 16A.

Why TDs mentioned in form 16/16A does not match with form 26as?

Sometimes, if the employer has not deposited the amount with the department on time, it is likely that TDS mentioned in Form 16 or 16A will not match with Form 26AS. To be able to file your income tax return, it is essential that tax credit in Form 26AS and Form 16/16A should be the same.

What is mismatch of particulars shown in form 16 and ITR?

This year the Income Tax department is sending tax notices on email to the taxpayers to explain the mismatch of particulars shown in Form 16 and ITR. This mismatch arise in the following two scenarios: When an employee had made investment in tax-saving instruments but he failed to furnish proof of investments to employer.

What is the difference between ITR and 26as?

At the end of the financial year, tax payers file their income tax returns (ITR) from the income tax details provided in form 16 or 16A. On the other side, as a part of e-governance, tax payer is provided 26AS annual statement showing his total TDS deducted during the year.