Form 26AS – Check tax credits before filing IT return and Rectification of Errors and Omissions

Form 26AS – Check tax credits before filing IT return and Rectification of Errors and Omissions

Taxpayers are advised to verify the tax credits available in 26AS statement before filing the Income Tax Return. It will facilitate faster processing and quick refunds. In order to avoid the TDS mismatch i.e if your claim of TDS is higher than the tax credits available in 26AS statement, please contact the Deductor for filing of the correction TDS statement.

Income Tax Department facilitates a PAN holder to view its Tax Credit Statement (Form 26AS) online. Form 26AS contains

• Details of tax deducted on behalf of the taxpayer by deductors
• Details of tax collected on behalf of the taxpayer by collectors
• Advance tax/self assessment tax/regular assessment tax, etc. deposited by the taxpayers (PAN holders)
• Details of paid refund received during the financial year
• Details of the High value Transactions in respect of shares, mutual fund etc.

The Tax Credit Statement (Form 26AS) are generated wherein valid PAN has been reported in the TDS statements.
Tax Credits Statement (Form 26AS) can be viewed/accessed through 3 ways :

1. View Tax Credit from https://incometaxindiaefiling.gov.in

Taxpayers who are registered at the above potal viz. https://incometaxindiaefiling.gov.in can view 26AS by clicking on 'View Tax Credit Statement (From 26AS)' in "My Account". The facility is available free of cost.

For "New Registration", Click on 'Register' on the portal. The registration process is user-friendly and takes minimal time. View Demo

2. View Tax Credit (Form 26AS) from bank site through net banking facility

The facility is available to a PAN holder having net banking account with any of authorized banks. View of Tax Credit Statement (Form 26AS) is available only if the PAN is mapped to that particular account. The facility is available for free of cost. View Demo

List of banks registered with NSDL for providing view of Tax Credit Statement (Form 26AS) are as below

1. Axis Bank Limited
2. Bank of India
3. Bank of Maharashtra
4. Citibank N.A.
5. Corporation Bank
6. ICICI Bank Limited
7. IDBI Bank Limited
8. Indian Overseas Bank
9. Indian Bank
10. Kotak Mahindra Bank Limited
11. Oriental Bank of Commerce
12. State Bank of India
13. State Bank of Mysore
14. State Bank of Travancore
15. The Federal Bank Limited
16. UCO Bank
17. Union Bank of India
18. Bank of Baroda
19. Karnataka Bank
20. The Saraswat Co-operative Bank Limited
21. City Union Bank Limited
22. State Bank of Patiala

3. View Tax Credit (Form 26AS) from TIN website

The facility is available to PANs that are registered with Tax Information Network for view of 26AS statement. The PAN holder has to fill up an online Registration form for such purpose. Thereafter, verification of PAN holder's identity is done by the TIN-Facilitation Centre personnel either at PAN holder's address or at the TIN-facilitation center that has been chosen by the PAN holder. The verification involves a cost at prescribed rates. Once authorised, the PAN holder can view Tax Credit Statement online.

 

http://taxguru.in/income-tax/check-tax-credits-26as-statement-filing-return-faster-processing-quick-refunds.html

e- TDS return – How to make correction or Revision in TDS Payment challan Details?

 

e- TDS return – How to make correction or Revision in TDS Payment challan Details?

 

Can I update a challan?

Yes. You can update a challan.

How can I update a challan?

You can update any of the details provided in the challan viz; CIN details, amounts etc.

Points to be kept in mind while updating challan:

• identify the challan to be updated by
• its sequence no as per regular statement
• CIN, deposit amount as per regular statement
• Update the challan detail as required.
• Along with the updated values, the correction statement should contain value of the CIN and deposit amount as per regular statement as well.

Example: In order to correct challan serial number from 013 to 014 in the sixth challan of the regular statement filed by you, the steps as under need to be followed

1. Identify the challan by the sequence number as well as the CIN and deposit amount as per regular statement.
2. Update the value in the field challan serial number to 014.
3. Ensure that the value in the field Last Bank challan no is 013, i.e. as per regular statement.

Can I add a challan?

Yes. You can add a challan.

How can I add a challan?

You can add a new challan as well as the underlying deductee records. The procedure for adding a challan is as under:

1. Maintain the sequence of the new challan record in continuation to the sequence number of the last challan as per regular statement and add details of challan in this record.
2. Add the underlying deductee records and associate the same with the sequence number of the newly added challan.

Example: If a regular statement filed by you has six challans and you wish to add one more challan and underlying five deductees, the steps as under need to be followed:

1. Sequence of new challan being added should be 7.
2. Add underlying five deductees in the deductee annexure and associate them with new challan having sequence no. 7.

Can I delete a challan?

No. You cannot delete a challan.

 

http://taxguru.in/income-tax/tds-return-correction-revision-tds-payment-challan-details.html

Criteria-Guidelines for IT Scrutiny for AY 2010-11-FY 2009-2010

Criteria-Guidelines for IT Scrutiny for AY 2010-11-FY 2009-2010

Guidelines for selection of cases for Scrutiny During 2010-11

1. Selection of cases for scrutiny during the financial year 2010-11 will be done primarily through CASS this year. Manual Selection for scrutiny this year will be limited only to a few cases listed below.

2. List of cases selected during each month in accordance with selection criteria mentioned below shall be submitted by the Assessing officers to their respective Range heads by the 15th of the following month and also displayed on the notice Board of their offices .

3. These guidelines are meant only for the use of officers of the Income Tax Department .These are not to be disclosed even if a request is made under Right to Information Act, In view of the decision of the Central Information Commission in the case of Shri Kamal Vs Director (ITA-II), CBDT (order no CIC/AT/2007/00617 dated 21.02.2008)


Selection criteria Applicable to all return at all stations

a) Value of International transaction as defined in 92B exceeds 15 Crore.

b) Cases involving addition in an earlier assessment year in excess of Rs 10 lacs on a substantial and recurring question of law or fact which is confirmed in appeal or is pending before on appellate authority.

c) Cases involving addition in an earlier assessment year on the issue of transfer pricing in excess of Rs 10 Lakh or more.

d) Assessment in survey cases for the financial year in which survey was carried out.

• This criteria will not apply if all of the following conditions are fulfilled:
1. There are no impounded books or documents.
2. There is no retraction of disclosure, if any, made during the survey.
3. Declared income, excluding any disclosure made during the survey, is not less than the declared income of the preceding year.

e) Assessment in search & Seizure cases to be made under section 158B, 158BC,158BD, 153A, 153C & 143(3) of the IT Act.

f) Assessment Initiated under section 147/148 of the IT Act. g) Assessing officer may select any return for scrutiny after recording he reason and obtaining approval of the CCIT/DGIT. The cases under this category should be selected if, there are compelling reasons and the case is not selected through CASS. These cases
should be watched by CCIT/CIT in respect of the quality of assessment.(F.NO.225/93/2009/ITA.II)

Read more: http://www.itaxindia.org/2011/09/criteria-guidelines-for-it-scrutiny-for.html?utm_source=feedburner&utm_medium=email&utm_campaign=Feed%3A+SimpleTaxIndia+%28SIMPLE+TAX+INDIA%29