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Question ID : 40823

Tax deducted by Bank

A Bank has deducted Tax for Cash Transactions being in excess of Certain Prescribed Limits from a Cooperative Society. Can this be claimed while filing Income Tax returns . Tax deducted is not appearing in 26AS for relevent year

Posted by Mahesh Kumar on Sep 11, 2020

Filed Under DIRECT TAXES

Answer ID : 80738

If it is deducted in sep quarter,then last date of uploading TDS return is 31st October,So it is expected that you can view respective 26AS after 31/10/2020,latest by 15/11/2020 which is the last date of issuing TDS certificate.

Posted by SUDIP KUMAR MUKHOPADHYAY on Sep 11, 2020
Answer ID : 80742

if tax is deducted in sep qtr,then last date of uploading tds return is 31/10/2020.You are expected to view 26AS after that date.

Posted by SUDIP KUMAR MUKHOPADHYAY on Sep 11, 2020
Answer ID : 80744

If TDS deducted in not reflecting in 26AS but the TDS certificate is issued by the deductor, such TDS credit can be claimed in ITR even if excess deduction is made. But due to non reflection of such TDS in 26AS, there will be mismatch in TDS claimed and TDS as per form 26AS. Hence it is advisable to ask deductor to revise TDS return of relevant quarter before claiming such TDS in ITR.

Posted by CA. chunauti dholakia on Sep 14, 2020