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Deducting your TDS but not depositing it with the tax authorities. Deducting your TDS and depositing it in incorrect PAN or PAN of some other deductee. Depositing someone else's TDS in your PAN. Deducting and depositing your TDS but not filing the TDS return, or incorrect filing of TDS return.
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**Income tax returns should not be filed using only the 26AS tax credit statement because of possibility of following errors by deductor :** 1. Deducting your TDS but not depositing it with the tax authorities. 2. Deducting your TDS and depositing it in incorrect PAN or PAN of some other deductee. 3. Depositing someone else's TDS in your PAN. 4. Deducting and depositing your TDS but not filing the TDS return, or incorrect filing of TDS return. Considering the above inadvertent mistake if Income tax return is filled only on the basis of tax credit information being reflected in form 26 AS, there is a chance of filing incorrect or incomplete Income tax return. It is therefore always advisable to file salary return on the basis of Form 16. Firstly, Form 16 acts as a check for you to verify whether your employer has deposited the whole amount of TDS that he may have deducted from your salary. Secondly, it will enable you to file Income tax return disclosing the correct taxable income and various deductions from your salary like EPF, Profession tax and TDS. **Further, it is the obligation of the employer to provide a Form 16 to all employees by 31 May of the assessment year (AY), otherwise, the employer can be liable to pay a penalty of Rs. 100 for each day by which he delays issuance of this certificate.** On the basis of above explanation it is my advice not to file income tax returns by using only 26AS tax credit statement without taking into account the Form 16 and payslips
To file your IT return, form 16 is not mandatory. To receive information about tax deducted at source by employer(which is form 16) , you can get that information through form 26AS. It's not the best practice because a number of times the deductors make errors such as: 1. Deducting your TDS but not depositing it with the tax authorities. 2. Deducting your TDS and depositing it in incorrect PAN or PAN of some other deductee. 3. Depositing someone else's TDS in your PAN. 4. Deducting and depositing your TDS but not filing the TDS return, or incorrect filing of TDS return. In the cases mentioned above, your amounts of payments received and TDS deposited will not be reflected accurately. Thus, if you file your income tax return based on only the data reflecting in Form 26AS, there is a possibility of filing of incorrect or incomplete information. In a number of cases, correct TDS amounts do not appear in Form 26AS at the time of filing of return, and then the assessee reminds the deductor to correct his TDS return or deposit the TDS, if not already deposited so that the information in Form 26AS is complete and correct. Remember that Form 26AS is not your primary source of information about your incomes for the year, but only a secondary source. You may file your returns based on information reflecting in Form 26AS, but there could be a possibility of error, as is seen in a number of cases. So you can do it in case you do not find primary documents evidencing your incomes, but you must tread carefully. I am also assuming that you know that there are many types of incomes, which do not appear in your Form 26AS as TDS may not have been deducted on them.
Dear anju, Yes, you can. but the point is you have all the details of your annual salary along with all the allowances and perquisite. many time employer not show full salary details while filing its tds return. if you have full details of your annual salary along with bonus etc. than you can file your income tax return without having form-16 and payslip. Any other query feel free to contact us. Writer CA Chitranjan Agarwal
Hie Anju, **Yes you can file your income tax return using 26 AS Tax credit Statement without Form 16 and payslips.** Things to consider are : ======================== 1. Part-A of the Form-16 (that is the TDS deducted by the employer) can be obtained from the TRACES website (the official government website): TRACES | Home There is no cost in obtaining this Form-16 Part-A. You can also review your Form-26AS which also has the information about your Form-16 deductions -- Guide to obtaining your Form-26AS is here: ClearTax: How to view your Tax Credit Statement? | Viewing your Form 26AS To understand what is Part-A and what is Part-B -- refer this guide: ClearTax: Understanding Your Form-16 2. The employer is mandated to provide you with a Form-16 (both Part-A and Part-B). If you write to the finance department of the organisation you worked for, they will provide you with the form-16. In my experience, some people are reluctant to obtain a form-16 after they have left the previous employer or in some cases, when the previous employer is not on great terms after the departure. In any case, the employer is mandated by the I-T Department to provide you with a form-16 after TDS, so no matter what, you can ask for it (don't hesitate). 3. In some cases, the employer does not have the Form-16 Part-B available due to tardiness of the finance department. While this is unacceptable, you may have to do compliance (of filing your Income Tax Return) to meet the deadline. In this case, you will have to make a "reverse" calculation or an estimate of your taxable salary. This is not a desirable thing to do. However given the situation of a lack of Form-16, you make a calculation of your taxable salary using pay-slips (and then calculating net salary you received). With this number, you can then file your tax return.