Address: | Bangalore, Karnataka |
We all know that any discrepancy found between your filed return and forms like 16, 16a or 26as shall result into appropriate notices by the income tax department.
E. G. You have reported tds as 20000 but form 26as shows 10000 then it department shall raise a notice and ask you to re-file your return with correct tds details. This is when the return filed is in their favor i. E. There’s a valid demand.
But what if the return filed is accidentally incorrect and it’s actually in favor of the tax payer in form of refund i. E. What if you have accidentally paid more than required?
It happened with me as well as with my father.in my case the bank disclosed the form 26as too late in june, but by getting all other data i had filed my return in may itself. The 2000 rs deducted by bank (Late reported in form 26as) as tds were never returned by it dept even though i missed it, but form 26as showed it.in case of my father, the bank gave a wrong fd interest certificate. He went by that and filed his return in may. But in june the form 26as showed 50000 rs less interest than what bank initially gave.
It’s very clear that it department of india has no integrity and plays unfair practice. I am glad that the computerized scrutiny is strict and it’s not so easy for taxpayers to evade but the process is one sided. It dept does not report & rectify rare mistakes that are in favor of taxpayer in the form of refund. Was this information helpful? |
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