Income Tax News: As the income tax return (ITR) filing season progresses, many salaried taxpayers face the issue of mismatch between Form 16 and Form 26AS. Experts advise that such discrepancies should not be ignored as they can lead to notices from the Income Tax Department.
Form 16 and 26AS mismatch: What taxpayers should do before filing returns
If the mismatch arises due to errors in Form 16, the first step for the taxpayer is to request the employer to issue a revised Form 16 with the correct TDS details. In most cases, once the revision is made, the difference gets resolved. However, if the employer is unable to provide a revised form, taxpayers can still file their returns by relying on salary slips, Form 26AS, bank account statements and other relevant documents.
Tax consultants also recommend maintaining records of all communication with the employer regarding the mismatch, as these can be used as evidence in case of a future query from the tax department. In situations where the mismatch is due to the employer not depositing TDS with the government, the liability may still fall on the taxpayer. Experts suggest that employees should actively follow up with their employers to ensure compliance.
Taxpayers should also keep track of their Annual Information Statement
Apart from Form 16 and 26AS, taxpayers should also keep track of their Annual Information Statement (AIS) on the income tax portal, which provides a comprehensive view of all financial transactions. Regular monitoring of these records helps avoid last-minute issues during ITR filing.
After filing, e-verification of the return is a mandatory step. The Income Tax Department processes only those returns which are verified. E-verification can be done online using Aadhaar OTP, net banking, Demat or bank account-based electronic verification code. Alternatively, taxpayers can post a signed copy of ITR-V to the CPC Bengaluru office within 120 days of filing.
Tax experts say that timely verification ensures quicker processing of refunds and reduces the chances of further scrutiny. They advise taxpayers to cross-check all documents well before the deadline to avoid errors and delays.
