One must obtain Form 16 (TDS certificate issued by the employer) and verify the same with the Form 26AS.
By Chirag Nangia
My employer has deducted excess tax which is not tallying with Form 26AS. What should I do?
In case of mismatch between Form 16 and Form 26AS, request your employer to issue new Form 16, reflecting the correct details of TDS. However, TDS is only provisional tax. The final tax liability is determined at the end of the financial year. At the time of filing the Income Tax Return, you must calculate tax (as per applicable slab rates) by including income from all sources. The TDS deducted (as shown in Form 26AS) can then be claimed as credit in the ITR Form. Any excess of TDS paid over the final tax liability shall be refunded.
My employer has deducted TDS but not deposited it. What should I do?
One must obtain Form 16 (TDS certificate issued by the employer) and verify the same with the Form 26AS. A mismatch in Form 26AS and Form 16 can be due to non-filing or non-payment of TDS by deductor, quoting wrong assessment year or wrong PAN, providing incorrect challan details in the TDS returns submitted by the deductee, not depositing TDS to I-T department, etc. The deductee has no power under the Income Tax Act, to enforce revision of returns in case of discrepancy. Therefore, you must bring the mismatch to your employer’s notice and request him to revise the TDS return.
My father-in-law, who is 80 years, wants to give some money to me and my wife. Will this amount be taxable in the hands of beneficier?
As per Income Tax Act, money received as gift from father/ father-in-law is exempt from tax in the hands of beneficiary but you have to disclose it under the schedule ‘Exempt Income’ in the ITR form.
I filed my return and e-verified it for AY 2018-19 on June 12, 2018. Income tax website status shows successfully e-verified but refund still pending. Why?
Processing of return may take some time. However, if your ITR V is verified you can follow up with Central Processing Centre (CPC) of I-T department on 1800-180-1961/ 1800 103 4455 or +91 80 46605200 or email at refunds@income taxindia.gov.in. You can also submit your grievance on the e-filing portal.
The writer is director, Nangia Advisors (Andersen Global). Send your queries to