Income Tax returns TDS claim: Know how you can claim return of income in Form 26 AS case

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Updated: July 24, 2017 4:08 AM

Gifts received only on the occasion of marriage are not chargeable to tax.

TDS credit in Form 26AS can be due to several reasons like non-filing of TDS statement by the payer, quoting incorrect PAN of the deductee in the TDS statement filed by the payer.

Make TDS claim in I-T returns as per TDS credit reflected in Form 26ASl What should I do if the TDS credit is not reflected in Form 26AS? Also, I have not received TDS certificate from a particular deductor. Can I claim TDS in my return of income? – Vipul Kumar

With respect to first query, note that non-reflection of TDS credit in Form 26AS can be due to several reasons like non-filing of TDS statement by the payer, quoting incorrect PAN of the deductee in the TDS statement filed by the payer. Thus, in case of non-reflection of TDS credit in Form 26AS, the payee has to contact the payer for ascertaining the correct reasons for non-reflection of the TDS credit in Form 26AS. Regarding second query, the tax credit in your case will be reflected in your Form 26AS and, hence, you can check Form 26AS and claim the credit of the tax in your return of income accordingly. However, the claim of TDS to be made in your I-T return should be strictly as per the TDS credit being reflected in Form 26AS. If there is any discrepancy in the tax actually deducted and the tax credit being reflected in Form 26AS then you should intimate the same to the deductor and reconcile the difference. The credit granted by the Income-tax Department will be as per Form 26AS.

I am a practising lawyer and am planning to offer my income under the presumptive taxation scheme under Section 44ADA for FY 2017-18. Am I liable to pay advance tax in respect of the said income under Section 44ADA? —T Prasanna

Any person opting for the presumptive taxation scheme under Section 44ADA is liable to pay whole amount of advance tax on or before March 15 of the previous year. Else, he shall be liable to pay interest as per Section 234C. Any amount paid by way of advance tax on or before March 31 shall also be treated as advance tax paid during the financial year ending on that day.

Are gifts in cash from friends and family members on occasion of my marriage anniversary taxable? — Govind Shekhar

Gifts received only on the occasion of marriage are not chargeable to tax. Gifts received on any other occasion like birthday, anniversary, etc., are chargeable to tax under the head ‘other sources’. However, any sum of money received from the specified relatives shall not be taxable irrespective of the occasion.

By Suresh Surana
The writer is the founder of RSM Astute Consulting Group. Send your queries to fepersonal
finance@expressindia.com

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