If you observe a mismatch of TDS amount vis-à-vis Form 26AS and Form 16/16A, you might want to find out the root of the problem that caused this mistake. Our Blog will guide you in taking the most appropriate steps to rectify the error. Keep reading to know more.
Every person or business that has withheld taxes from an Income Tax Assessee is required to pay it back to the government. These TDS details is uploaded to the central Tax Information Network (TIN) system. The TIN central system compares information about tax payments based on these specifics before turning it into a detailed ledger for the relevant PAN, this constitutes details of Form 26AS.
As a result, Form 26AS s gives you a consolidated perspective of the Gross Receipts you received during the year from all of your sources. When the respective details on Form 16 and 26AS are not the same, it is referred to as a case of mismatch of TDS.
Understand TDS Certificate: Form 16:
Form 16 is a TDS certificate issued under Section 203 of the Income Tax Act, which is deducted at source by the employer & remitted to the Income Tax Department. It includes descriptions of how much tax was deducted by the employer and when it was submitted to the Income Tax department.
Form 26 AS:
Form 26 AS includes information on tax deducted at source (TDS) and tax collected at source (TCS). This form includes information on the tax deducted on your income by deductor, details of the tax collected by collectors, advance tax paid by the taxpayer, self-assessment tax payments, regular assessment tax installed by the taxpayers (Permanent Account Number holders), details of the refund received by you during the financial year, and details of High-value Transactions such as shares, mutual funds, and so on.
Reasons for mismatch between TDS statement and Form 26AS:
The following are the list of the most typical causes of such a mismatch:
Failure of the Deductor to Make Timely Deposit of TDS
The incorrect amount entered in the TDS return
The PAN quoted in the TDS return is incorrect.
Error in the CIN
PAN/TAN of deductor incorrectly entered
Mistake in selecting the appropriate Assessment year.
Solution of TDS Mismatch in Form 16 & Form 26AS:
Contact your employer or Tax Deductor to file a revised TDS return after making the necessary corrections.
In case there arises a notice from the department for the said mismatch, the assessee can explain the reason for the mismatch in the online portal by submitting scanned copies of bank statements, Form 16, etc.
We hope the above blog was helpful in enhancing your knowledge on the matter. In case of any queries feel free to get in touch with our team of experts.
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