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CBDT has issued a circular on 9th Sep 21 extending the timelines for certain direct tax compliances for AY 2021-22.
1. ITR Filing due date extension:
i) ITR filing by taxpayers not covered under audit is extended from 30th Sep 21 to 31st Dec 21
ii) ITR filing for Tax audit cases is extended to 15th Feb 22
iii) ITR filing for transfer Pricing is extended to 28th feb 22
iv) ITR filing of Belated or Revised Return for FY 20-21 is extended from 31st Dec 21 to 31st March 22
2. Furnishing Audit Report:
i) Due date to furnish the audit report is extended to 15th Jan 22
ii) Due date to furnish the audit report for transfer pricing cases is extended to 31st Jan 22
Everybody who makes tax deductible payments must file quarterly TDS returns as applicable. This statement contains information about people who have received payment after tax deduction, or in other words, deductees. It also contains the nature of payment made to him and the tax deducted from his payment.
These are called TDS statements. Based on such statements filed, the deductors generate Form 16 (TDS on salary) and Form 16A (TDS on other income) annually and quarterly respectively.
Generally, every entity (individual or company) that has deducted taxes must credit that amount to the government via banks. Banks must upload these TDS details into the Tax Information Network (TIN) central system. The deductors, parallely, would file quarterly statements to TIN, providing quarterly TDS details.
Based on these details, the TIN central system matches information related to tax payment before converting into a comprehensive ledger for the concerned PAN. This is Form 26AS. Basically, Form 26AS statement provides a consolidated view of the total income earned by you as a deductee from various sources.
It also includes the TDS/ TCS amount that has been deducted from your income and credited to Income Tax Department. Apart from tax deductions, you may also pay taxes by way of Advance Tax and Self Assessment Tax. All such tax related information appears in Form 26AS.
There are various occasions where the TDS information in the TDS statement and consequently in Form 16 or 16A may differ from what is available in Form 26AS. Most common reasons for such mismatch(es) are listed below:
Computerized ITR processing income tax returns has made it easier to identify matches in Form 26AS and TDS statements. The income tax portal contains links that would provide access to 26AS, allowing the assessee to verify and cross check the details. Hence, please ensure that TDS details in TDS statements and Form 26AS match to avoid the following consequences: