FORM 16 & 26AS में difference को ITR में कैसे करें Report

Summary

The video script discusses a significant issue in the PSU and government sectors regarding mismatched TDS amounts in Form 16 and Form 26AS. The speaker opens Form 16 and Form 26AS to illustrate the discrepancy in the salary figures. They advise not to report a lower salary in ITR to avoid a notice for defective income tax. The speaker suggests checking Form 26AS and Form 16 figures against the salary slip for accuracy. They recommend reporting the salary as per Form 26AS in ITR to prevent notices and explain how to adjust the difference using Form 16 and allowances to ensure the figures match and comply with tax regulations.

Takeaways

• 📊 There is a significant issue with mismatched salary amounts reported in Form 16 and Form 26AS in the PSU and government sectors.
• 🔍 Form 16 reports a gross salary of 10,36,222, while Form 26AS shows a total amount of 14,00,4356, indicating a discrepancy of approximately 4 lakhs.
• 💼 The total TDS deducted as per Form 26AS is 12,642, which matches with the TDS deducted amount of 12,842 in Form 16, suggesting both forms are consistent in this aspect.
• 🚫 It is advised not to report a lower salary amount in the ITR than what is stated in Form 26AS to avoid receiving a notice for defective income tax return.
• 📋 If a notice for defective ITR is received, it is recommended to consult with experts and consider revising the ITR based on Form 26AS data.
• 💡 To determine the correct salary figure to report in the ITR, one should verify the salary slip and ensure it aligns with both Form 16 and Form 26AS figures.
• 🔑 The script suggests reporting the salary amount from Form 26AS in the ITR to avoid under-reporting income and receiving a notice.
• 💼 The script also discusses the strategy of adjusting the difference in salary amounts by using deductions and exemptions available under the new tax regime.
• 📝 It highlights the importance of having documentation like Form 16 and salary slips readily available to support the reported figures in case of an audit or inquiry by the department.

Q & A

What is the main issue discussed in the script?

The main issue discussed is the mismatch between the salary amounts reported in Form 16 and Form 26AS, which is causing discrepancies in income tax returns.

What is Form 16 and why is it important?

Form 16 is a certificate issued by an employer to an employee, stating the TDS (Tax Deducted at Source) deducted and deposited in the government's account during the financial year. It is important for employees to claim tax deductions and to file their income tax returns correctly.

What is Form 26AS and its relevance to the issue?

Form 26AS is a statement provided by the Income Tax Department that contains details of tax deducted at source, advance tax paid, self-assessment tax paid, and more. The issue arises when the salary amount in Form 26AS does not match with that in Form 16.

What is the consequence of reporting a lower salary in the income tax return than what is in Form 26AS?

If an individual reports a lower salary in their income tax return than what is stated in Form 26AS, they may receive a notice for under-reporting income, which could lead to additional tax liabilities.

How can one verify the correctness of the salary amount in their Form 16 and Form 26AS?

One can verify the correctness by comparing the gross salary and TDS deducted amounts in both forms. Additionally, checking the salary slip and ensuring it matches with the figures in Form 16 and Form 26AS can help identify any discrepancies.

What should one do if they receive a notice for under-reporting income in their tax return?

If a notice for under-reporting income is received, one should consult with a tax expert, review their Form 16 and Form 26AS, and possibly revise their income tax return to correct any discrepancies.

What is the suggested approach to filing the income tax return when there is a salary mismatch?

The suggested approach is to report the salary amount as per Form 26AS in the income tax return, as this is the amount reported by the employer to the Income Tax Department. Any difference should be adjusted using deductions or exemptions available under the new tax regime.

How can one adjust the salary discrepancy in the income tax return?

One can adjust the salary discrepancy by using deductions or exemptions available under the new tax regime. Any balance amount after adjusting the difference can be claimed as deductions under Section 10 or other relevant sections.

What should be done if the salary amount in Form 16 is lower than that in Form 26AS?

If the salary amount in Form 16 is lower than in Form 26AS, one should report the higher amount from Form 26AS in their income tax return to avoid under-reporting issues.

What is the role of salary slips in resolving the salary mismatch issue?

Salary slips play a crucial role as they provide a detailed breakdown of the salary, including the gross amount and TDS deducted. They can be used to verify the figures in Form 16 and Form 26AS, helping to resolve any salary mismatch issues.