Ask Questions and get Answers Fast Free Online now

Normal Grid Pagination Scroll

Select a photo to attach.

Please select category!

EveryoneEveryone

Add Photo

Select Category

S V

Category : TDS on i..,

Solved

January 27, 2019 12:09 pm

Hi,
My 26AS shows Rs. 1 Lakh tax deducted at source by HDFC Bank.
I have claimed this 1 Lakh as TDS in my ITR-2 (claimed full amount in current year, no b/f or carry fwd.)
However, in Income Tax Dept. intimation u/s 143(1) they have considered only 90,000 as TDS (in calculation by ITD) and raised a de...

Recommended

User

Hide Placeholder
Hide Discussion

Admin Typed:

Amlan Dutta

Simple, you shall file a rectification for tax credit mismatch ...check my tutorial on how to do this in case you are not sure of the steps ......(since your tax credit statement shows TDS of 1 lakh ( hopefully under "F" implying accounts finalised ", you are entitled to full credit of the deducted ...

January 27, 2019

Like Unlike
0 people

S V

Hi,

In the Income Tax Dept. website, there is an option to view the Tax Credit Mismatch (My Account >> Tax Credit Mismatch). I did that and found out that HDFC Bank TDS CLAIM AMOUNT is 1,00,000 whereas AMOUNT AVAILABLE IN 26AS is 93,000.

On downloading 26AS (My Account >> View Form 26AS (Tax Credit))...

January 30, 2019

LikeLike Unlike

0 people

Amlan Dutta

January 27, 2019

LikeLike Unlike

View all replies

Joydeep Chakma

Category : Income t..,

Solved

January 27, 2019 10:23 am

Amlan sir, can you please explain me about declaring the investments for IT returns?

Recommended

User

Hide Placeholder
Hide Discussion

View remaining earlier 1 answers

Joydeep Chakma

Sir that means declaration of these investments needs to be done for the ones who do job? I meant, only those who are employed need to declare such type of investment for IT Returns ? If no, sir please tell us how can we declare our investments ? Sir can we find how these things are done in the vid...

January 30, 2019

LikeLike Unlike

View all replies

Amlan Dutta

For employer like already explained they need to deduct TDS on taxable income ...taxable income is salary - savings and therefore it is required to be provided......ELSS qualifies for savings under 80 C and therefore details needs to be provided to the employer ...say salary 10 lakhs and ELSS investment 1.5 lakhs , if you don't provide ELSS details of investment then the employer will not consider 1.5 lakh benefit and consider taxable income 10 lakhs while deducting TDS and hence deduct more TDS...if you provide details then employer will consider taxable income 8.5 lakhs for deducting TDS ....as far as income from ELSS is concerned , until you redeem the ELSS (sell ELSS) , there is no question of income ( which i can't keep repeating 100 times)...and just so that you understand the concept , please note that the banks are also required to deduct TDS but not on taxable income but on interest income( and likewise for other deductors barring employer deductor ) ...for interest income it is merely TDS at 10 % and so no need of giving bank deductor details of deductions because for them the required expense is interest on which they have to deduct TDS and not interest income - deductions ...and this is same for all other deductors and therefore we don't provide details of investments to anyone else because no other deductor requires taxable income for deducting TDS ...you may ask what if they deduct more, they cant and even if they do , you can claim refund while filing return ... ...i will make a video for this but i cannot keep solving such basic questions again and again ....request that you watch my basic video series so that first the basic concepts get clear , this site cannot teach you basics ...that you will have to learn by reading books or watching videos ...this site can only help in addressing queries once those basic concepts are clear ...that said, i won't mind others answering you , but personally i lack the time to do all these ...you can see how india works ...noone is answering questions despite such a platform being provided but will say big big words .

View Less

February 3, 2019

LikeLike Unlike

Dhirendra Pandit

Category : Rectific..,

Solved

January 27, 2019 2:31 am

Gross total income should not vary with the processed return?

In my case my form 26AS were not updated properly and i have filed the ITR with Form 16 data to avoid any delay penalty. Later on form 26 AS got updated and i got an rectification request. I have tried to correct the data under section ...

Recommended

User

Hide Placeholder
Hide Discussion

Amlan Dutta

Here the return has already been processed and so revision is not a option , you need to submit rectification request selecting taxpayer intending to correct data .....the error message that you get is trying to imply that you are intending to change taxable income figures during the course of recti...

January 27, 2019

LikeLike Unlike

Shreyas

Category : How to c..,

Solved

January 27, 2019 2:10 am

Is it necessary to submit a plea or compliance to a Particular AO? Suppose my IT profile shows a jurisdiction AO which I had stayed few years ago. Now can I submit my Request to submit time barred return to local AO instead of AO mentioned in my profile of iT portal?

Recommended

User

Hide Placeholder
Hide Discussion

Amlan Dutta

In your case, since your assessing officer is from a different zone where you had stayed, you cannot appeal to your local area asssessing officer.......you may however get your assessing officer changed , but the process is quiet hectic ...you will need to communicate with your old assessing office...

January 27, 2019

LikeLike Unlike

All Questions -> All Categories -> Solved Type