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Get it corrected before ITR filing Error in Form 26AS?
September, 14th 2020

If there is any mismatch in your tax credit statement (Form 26AS) and actual TDS deduction you need to get it rectified before filing your ITR.

Form 26AS, which is also known as the passbook for your tax deposits, is an important documents and your tax refunds, if any, after filing of the income tax return (ITR) depnds on the tax deduction figure as shown in the Form 26AS. So financial planners advise matching the tax credit figures in your Form 26AS with your Form 16 or Form 16A in order to ensure that the tax actually deducted by your employer or bank on your interest income or by your landlord against your rent match with the amount reflected in the Form 26AS.

Even if you buy a car that cost more than Rs 10 lakh, then the seller is required to deduct TCS (Tax Collected at Source) at the rate of 1% from the buyer and deposit it with the exchequer. The seller then issues you Form 27D and details of such tax deduction is reflected in your account. Sometimes it may so happen that the tax deducted against your PAN is not reflecting in your Form 26AS. Tax experts say you can claim only that amount of tax deducted from your income which is reflected in Form 26AS. So if there is any mismatch in your tax credit statement (Form 26AS) and actual TDS deduction you need to get it rectified before filing your ITR.

Why mismatch happens 

There are many reasons which can lead to an error in Form 26AS. If the amount of TDS deducted from your salary or interest income is not correctly reported by your employer and bank respectively then it may lead to error in your Form 26AS. Sometimes, while filing TDS returns, the deductor may mention wrong PAN against your name which can lead to error in your Form 26AS.

Some chartered accountants say mistakes such as quoting wrong assessment year or making incorrect category of taxes paid while depositing advance tax or self-assessment tax can also result in errors.

How to correct errors in Form 26AS

An error in Form 26AS could be because of the mistake of the deductor or could be because of te tax payer. If the deductor has made a mistake while depositing your tax against your PAN, then such an error can be rectified by the deductor itself. You need to ask the deductor to file a revised TDS return for the quarter for which the error has been reported. Once the deductor files the revised TDS return with correct information, then the same will be automatically reflected in your Form 26AS.

However, if the error is because of the mistake of the deductee while depositing self-assessment tax, then the same can be corrected by making an application to the taxpayer's jurisdictional Assessing Officer. Once the jurisdictional Assessing Officer rectifies the mistake, the correction will automatically reflect in the Form 26AS.

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