Latest Expert Exchange Queries

Make your inventory and invoicing software GST Ready from Binarysoft info@binarysoft.com
sitemapHome | Registration | Job Portal for CA's | Expert Exchange | Currency Converter | Post Matrimonial Ads | Post Property Ads
 
 
News shortcuts: From the Courts | News Headlines | VAT (Value Added Tax) | Service Tax | Sales Tax | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Indirect Tax | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing
 
 
 
 
Popular Search: ACCOUNTING STANDARDS :: form 3cd :: ARTICLES ON INPUT TAX CREDIT IN VAT :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: list of goods taxed at 4% :: empanelment :: cpt :: due date for vat payment :: TDS :: articles on VAT and GST in India :: Central Excise rule to resale the machines to a new company :: TAX RATES - GOODS TAXABLE @ 4% :: VAT Audit :: VAT RATES :: ACCOUNTING STANDARD
 
 
« General »
 Accounting relief for IndAS companies
 How you can reduce your tax to zero if you have income within Rs 10 lakh
 NRIs’ overseas bank info needed only for tax refund
 Non-performance: I-T dept transfers 245 commissioners
 Income Tax efiling: Tax implications resulting from clubbing of income
 Guidelines for selection of cases for scrutiny during the financial-year 2017-2018-regd
  GST: How companies are gaming the system
 Goods And Services Tax transparency: Elimination of added taxes to boost investment in realty
 In a first, Income Tax department to charge govt official under new benami law
 Income Tax Return Filing: 10 common mistakes people make while filing return of income
 Income Tax efiling: A few essential facts for senior citizens to keep in mind

Check if tax deducted from your income has been considered as paid by Income Tax department
April, 25th 2011

You may be thinking that with the end of the financial year, your tax troubles are done with. Before you heave a sigh of relief, do check whether the tax deducted from your income has been considered as paid by the income tax department. If the tax has not been credited to your name and PAN number, your tax problems may have just begun.

All the taxes paid by a taxpayer in a financial year are mentioned in the annual tax statement, or the Form 26 AS. This includes the tax deducted at source (TDS) on salary, bank interest and any consultancy payments from clients as well as the taxes paid directly by the individual. Details of the company or bank that deducted the tax and its tax deduction account number (TAN) are mentioned in the form. Any tax refund due to the taxpayer is also mentioned.

However, there are cases when the TDS is not deposited with the government. "In many cases employers, professionals or contractors don't deposit the tax even though they deduct TDS from the payment," says Ameet Patel , tax partner, Sudit K Parekh & Co. In other cases, the tax has been deposited but the PAN number is either missing or incorrect.

"At the time of uploading details of tax credit or through tax challans, banks sometimes upload incorrect or incomplete information," says Shaunak Dalal , direct tax partner of chartered accountancy firm MZS & Associates . In both instances, the taxpayer is not given the credit for the tax paid. The income tax department says that incorrect PAN or TAN are the most common reasons for a taxpayer not getting credit for the tax deducted from his income.

This slip-up can have serious ramifications for the taxpayer. If the tax supposedly paid by you is not mentioned in the Form 26 AS, the income tax department may raise a demand for more. "The taxpayer will not be allowed tax credit if the payments are not reflected in the annual tax statement," says Dalal.

For more story click below

Source: http://economictimes.indiatimes.com/personal-finance/tax-savers/tax-news/check-if-tax-deducted-from-your-income-has-been-considered-as-paid-by-it-department/articleshow/8064606.cms

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Application Management Solutions Application Management System Application Management Software System Application Management Development Application Management Software Development

Transfer Pricing | International Taxation | Business Consulting | Corporate Compliance and Consulting | Assurance and Risk Advisory | Indirect Taxes | Direct Taxes | Transaction Advisory | Regular Compliance and Reporting | Tax Assessments | International Taxation Advisory | Capital Structuring | Withholding tax advisory | Expatriate Tax Reporting | Litigation | Badges | Club Badges | Seals | Military Insignias | Emblems | Family Crest | Software Development India | Software Development Company | SEO Company | Web Application Development | MLM Software | MLM Solutions