As the filing period is nearly over with the income tax return (ITR), many new individuals are more conscious of new adjustments and the legal process. Many salaried employees confirmed that their employers have not revised their Tax Deducted at Source (TDS) for April-June and July to December quarters for FY 2020-21 (FY21) in Form 26AS. This is due to the extension of the timeline required by employers to submit the TDS report. Many salaried taxpayers claimed that, after being withheld by their employer, their Form 26AS did not represent the TDS specifics for Q1 and Q2 of FY21.
In some instances, while filing ITR for FY19-20, taxpayers might have reviewed Form 26AS for FY21, and it would appear that the TDS was not verified in its quarterly updated Form 26AS. It should be remembered that the Central Bureau of Direct Taxes (CBDT) extended the time-limit for submission of the April-June (Q1) and July-September (Q2) TDS report from 31 July 2020 and 30 October 2020 to 31 March 2021. The employer subtracts and discloses the TDS of salaried individuals to the tax department every month, normally within one month of subtracting the TDS.
The employer is required to submit each quarter of the TDS report to the tax department. So, for the quarter of April-June, July 31 is the last day to submit the TDS file. The same was applied in FY21 to help employers struggling with the lockdown limitations because of Covid-19 relief measures. It should be remembered that only the date of filing of the TDS report has been extended and employers will be levied a penalty if they do not file the withheld TDS or return before the deadline. Once the employer has sent this TDS report, it is revised on the employee’s Form 26AS.
An annual consolidated tax statement is known as ‘Form 26AS’ is generated by the Income Tax Department. All taxpayers can use it conveniently from the income-tax portal using their PAN.
We have taken all measures to ensure that the information provided in this article and on our social media platform is credible, verified and sourced from other Big media Houses. For any feedback or complaint, reach out to us at informalnewz@gmail.com
