information regarding column of part A form 26as

POSTED BY neeraj pandey ON April 13, 2013 8:45 pm COMMENTS (13)

i was viewing form 26as of this and last few years but i couldnt understand/relate columns which are in partA (under salary 192)

three columns:

“Total amt paid/credited”    “Total tax deducted”  “TDs deposited”

eg my values for three are:

9,01,786  1,28,087  1,28,087

(i just put 901786 in gross income and calculate but it doesnt come 128087)

 

13 replies on this article “information regarding column of part A form 26as”

  1. Dear Neeraj, yes if b-d is positive, it’s refund for you & negative, tax payable by you.

    Thanks

    Ashal

  2. neeraj pandey says:

    lets say:
    “Total amt paid/credited” column in 26as form =a
    tds entry in form 26as=b
    net taxable salary from form 16=c
    tax payable calculated from this c in form 16 is =d

    than tax payable=b-d ; if its positive than refund otherwise self assesment tax .
    correct me if am wrong

    maybe dear ashal is saying a+tax free allowance=c but i dont get it
    and i am forgetting “a” this is getting too complex

  3. Dear Neeraj, what about the tax free allowances availed by you in the above calculations? These tax free allowances are the reason of tax difference & thus making the TDs entry 1.42L.

    Thanks

    Ashal

  4. neeraj pandey says:

    tax liability of 9.67 is 146582 which is different from tds entry=142788

  5. Dear Neeraj, there is no problem what dear karan told you first place. The amount paid to you is indeed 9.67L Rs. whereas TDS or tax liability is 1.42L Rs. The net taxable salary is not to be shown in amount paid/credit head.

    For example – please do tell me the tax liability on 9.67L Rs. without considering any tax benefit?

    Thanks

    Ashal

  6. neeraj pandey says:

    just another example for ay12-13
    In form 16:
    my net taxable salary=955430
    tax calculated=142788

    but entries in form 26as
    “Total amt paid/credited”=967710
    total tds deposited=142788
    i have to pay 142788 and same is tax deposited as tds i.e. no refund everything ok
    but if i go according to explanation of batra sir why is their mismatch in “Total amt paid/credited” and net taxable salary

  7. Dear Neeraj pandey, the difference indicates that your actual tax liability is lower than the deducted tax & thus you are entitled for a refund.

    Thanks

    Ashal

  8. neeraj pandey says:

    my doubts are:

    1)my case is of salary and as per tax slabs it doesnt matches .
    i calculated for AY13-14 from http://law.incometaxindia.gov.in/DIT/Xtras/taxcalc.aspx
    it comes 113668 which is different from tds deposited of 128087

    2)does “Total amt paid/credited” differ from net taxable salary of empoyee?

  9. Dear Neeraj, are you running any home loan? If yes, what’s the interest benefit you are claiming? What about other tax savings in section 80C, D…? What about tax free allowances like HRA or LTC?

    If you calculate your tax liability on the basis of above things, it ‘ll be 128087 (including .03% edu cess). The basic definition of the 3 heads is already given by dear Karan.

    Thanks

    Ashal

  10. In most of the cases (except Salary): TDS is deducted @ 10%

    In case of Salary, TDS is deducted as per the Slab Rates of the Employee… The Total Tax that was supposed to be paid on your income would be deducted as TDS..

    If you compute your total tax payable as per the Income Tax Slabs, it would match with the TDS that has been deducted

    Feel free to question in case of any other query..

  11. “Total amt paid/credited” : The amount that payable to you

    “Total tax deducted” : The TDS that has been deducted

    “TDs deposited”: The TDS that has been deposited with govt.

    1. subash Satyanarayan says:

      Sir,

      My form 26as has wrong credentials on column total amt paid or credited.

      I have a refund pending from assesment year 12 13 yet . Will this be a cause for non redund untill now.

      Also in my form 16 of 12 13 assesment year they had forgot to consider hra exemption when we asked they asked us to minus and file the returns.

      Please advice if I will need to get form 26as corrected.
      ALso please advice on how hra exemption problem can be handled

      Thanks and regards,
      Subash

    2. subash Satyanarayan says:

      My form 26as has wrong credentials on column total amt paid or credited.

      I have a refund pending from assesment year 12 13 yet . Will this be a cause for non redund untill now.

      Also in my form 16 of 12 13 assesment year they had forgot to consider hra exemption when we asked they asked us to minus and file the returns.

      Please advice if I will need to get form 26as corrected.
      ALso please advice on how hra exemption problem can be handled

      Thanks and regards,
      Subash

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