Frequently Asked Questions
Most Popular Questions
It’s a prescribed form through which a person can furnish the details of his /her income earned through different sources of income and taxes paid for the relevant financial year to the Income Tax Department of an Income
Yes, you are required to file your income tax return if your income exceeds Rs. 2,50,000 in a Financial Year i.e. the basic exemption limit without giving effects to any type of deductions/investments.
Yes, even if your employer deducts and deposits your TDS on regular and timely basis, you are still required to file your tax return if your income exceeds Rs. 2,50,000. This helps in determining any dues or eligibility for refunds.
Form 26AS is a statement maintained and generated by the Income Tax Department for each individual assessee (person). Form 26AS contains the details of your:
- Advance Tax or Self-assessment tax
- 15G/H details
- Details of paid refund
AFull form of TDS is Tax Deducted at Source. Under Income Tax Act, there are certain payments including salary, interest etc. in which the one who makes such payment is liable to deduct tax. TDS is finally adjusted with the final tax payable at the time of computation of income tax return.
AYour employer gives you Form-16 as a certificate of total TDS deducted from salary. Details of TDS deducted and the details of salary, allowances & deductions are mentioned in Form-16.However the details of deductions mentioned are subject to the proof of deductions submitted by you to your employer. Hence real computation may change from the computation mentioned in Form-16.
It is given at the end of year and helps you file your income tax return. Remember Form-16 is not an alternative for Income Tax Return. Filing Income tax return is mandatory even if correct TDS has been deducted as per Form—16.
AForm 26AS sometimes does not reflects some TDS entries due to various reasons like If the deductor has not filed his TDS statements or If you’ve quoted incorrect PAN number to the deductor, etc. You should contact the deductor for determining the reasons for the same.
AIn this case, ensure that you have sent a signed acknowledgment to CPC Bangalore after filing your return or it has been e-verified. You can then check the status of your refund as mentioned above. Also, ensure correct bank account number is given in the return. In case of any further queries you can contact us.
ATo make payment of income tax online, please login to nsdl.com. Please select the relevant challan for example ‘challan no / ITNS 280’ for payment in case of self assessment tax and select on proceed. A window will open , select tax payal as “income tax (other than companies) , select type of payment , select mode of payment, and enter details like PAN , AY , address etc. Once you proceed , a separate window will open requiring you to make the payment using either net banking or debit card. Once the payment is complete,a counterfoil will be displayed as a proof of payment. Please save this counterfoil for future reference.