You can respond to tax notice by logging in to www.incometaxindiaefiling.gov.in.
Different types of notices can be found under options on the dashboard in your account.
Types of notices and how to respond to them
What is it for?
Assessing officer suspects you have concealed income.
How to respond
If you are unable to gather all the documents sought, send whatever you have within the deadline, along with an application seeking more time.
What is it for?
Notice for defective return if wrong form is filled, or income details of a refund claim are missing, or there are multiple mistakes in filing.
How to respond
Respond within 15 days. Under ‘e-File’, select ‘e-File in response to Notice u/s 139(9)’ to proceed.
What is it for?
Demand notice for additional tax or other required changes if there is a calculation error or incorrect information.
How to respond
Respond within 30 days. Find the notice under ‘e-Proceeding'.
What is it for?
For reassessment if some income has escaped assessment. A case up to six years can be reopened under this.
How to respond
File a return of the income being asked. Ask for a copy of the reasons for issuing the notice if you want to contest the notice.
What is it for?
Demand notice for due tax, interest, fine or penalty to be paid by the assessee.
How to respond
Pay dues within 30 days. Go to ‘e-File’ and then click on ‘Respond To Outstanding Demand’ to pay.
What is tax audit?
There are various kinds of audit being conducted under different laws such as company audit/statutory audit conducted under company law provisions, cost audit, stock audit etc.
Similarly, income tax law also mandates an audit called ‘Tax Audit’. As the name itself suggests, tax audit is an examination or review of accounts of any business or profession carried out by taxpayers from an income tax viewpoint. It makes the process of income computation for filing of return of income easier.
Tax audit is that the verification of the books of accounts of associate degree assessee to validate the tax computation and compliance with the laws of tax.Auditing of books of accounts should be allotted by an authorized controller.In this article, we look at tax audit limit, section 44AB of the Income Tax Act and appointment of tax auditor.
Tax Audit Limit
The provisions with reference to tax audit area unit provided below Section 44AD of the tax Act.According to Section 44AB, tax audit is required for the following persons:
In case of a business, tax audit would be required if the total sales turnover or gross receipts in the business exceeds Rs.1 crore in any previous year.
Under the tax Act, “Business” simply means any economic activity carried on for earning profits.Section 2(3) has defined the business as “any trade, commerce, manufacturing activity or any adventure or concern in the nature of trade, commerce and manufacture”.
In case of a profession or skilled, tax audit would be required if gross receipts in the profession exceeds Rs.50 lakhs in any of the previous year.
A profession or skilled might be any of the subsequent as per Rule 6F of the tax Rules, 1962:
Presumptive Taxation Scheme
If an individual is registered beneath the presumptive taxation theme beneath section 44AD and total sales or turnover is over Rs.2 crores, then tax audit would be required.
Also, anyone registered beneath the presumptive taxation theme United Nations agency claims that the profits of the business area unit under the profits calculated in accordance with the presumptive taxation themewould be needed to get a tax audit report.
Accounts Maintenance & Tax Audit Limit
Income Tax Act mandates professionals and businesses to get a tax audit from a controller and maintain accounts if the turnover or profit exceeds a definite quantity.
In this article, we glance at the tax audit limit and accounts maintenance limit for businesses beneath the tax Act.
Tax Audit Limit – Section 44AB
Under section 44AB, a obligatory tax audit is needed to be completed by a controller if a business has total sales turnover or over Rs.1 crore.
In case of a profession, if the profession has total gross receipts of over Rs.50 lakhs, then tax audit by a Chartered Accountant is mandatory.
In addition to the higher than limits supported the business turnover, businesses coated beneath section 44AD, 44AE, 44BB or 44BBB and claiming financial gain to be under the deemed profits
as specified under respective sections is also required to obtain tax audit mandatorily.
Compulsorily Required to Maintain Accounts
Under Section 44AA, the subsequent kinds of businesses and professions area unit needed to take care of accounts mandatorily.
In case of an existing profession, wherein gross receipts are more than Rs.1.50 lakhs in all three years immediately preceding the previous year, book of accounts must be maintained as per Rule 6F.
If the gross receipts don't exceed Rs.1.50 lakhs within the preceding 3 years, then the profession should maintain books of account associate degreed different documents to modify an assessing officerto work out rateable financial gain in accordance with the tax Act.
In case of a new profession wherein gross receipts are expected to exceed Rs.1.50 lakhs, books of accounts must be maintained as per rule 6F.
If the gross receipts aren't expected to exceed Rs.1.50 lakhs, then the profession must maintain book of accounts to enable an assessing officer to compute taxable income in accordance with the Income Tax Act.
An existing business wherever the profit exceeds Rs.1.20 lakhs or total sales or gross receipts exceeds Rs.10 100000 in any of the three years like a shot preceding the previous year shouldmaintain book of accounts.
All new business wherever the profit area unit expected to exceeds Rs.1.20 lakhs or total sales or gross receipts exceeds Rs.10 100000 should maintain book of accounts.
Rule 6F of tax – List of Books and Accounts to be Maintained
The following books and accounts must be maintained by all professions and businesses mandatorily if they cross a threshold specified under Income Tax Act.
A daily case register in prescribed form (i.e.Form 3C), showing date, patient’s name, nature of skilled services rendered (i.e., general consultation, surgery, injection, visit, etc.,) fees received and date of receipt; and
An inventory under broad heads, as on the first and last day of the previous year, of the stock of drugs, medicines and other consumable accessories used for the purpose of his profession.
Due Date for Filing Tax Audit Report
The due date for completing and filing tax audit report under section 44AB of Income Tax Act is 30th September of the assessment year. Hence, if a taxpayer is required to obtain tax audit, then he or she would be required to file income tax return on or before 30th September along with the tax audit report. In case the taxpayer is also liable for transfer pricing audit, then the due date for filing tax audit is 30th November of the assessment year.
Form 3CA & 3CD
Any person who is required to get tax audit would be required to furnish the following for tax audit while filing income tax return:
Form 3CA – Audit Form
Form 3CD – Statement showing relevant particulars
Tax Audit Limit for Chartered Accountnts
A tax audit can be conducted by a Chartered Accountant or a firm of Chartered Accountants. If it is performed by the latter, the name of the signatory who has signed the report on behalf of the firm must be stated in the audit report. The signatory must provide his/her membership number while registering in the e-filing portal. Tax audits can also be performed by the Statutory Auditor.
It is important to note that, Chartered Accountants have a limit on the number of tax audit reports that can be filed. The maximum number of tax audits that can be undertaken by a Chartered Accountant is limited to 60. In case of a firm the restriction on tax audit limit will be applicable for each of the partners.
Penalty for Completing Tax Audit
If a taxpayer who is required to obtain tax audit does not get the accounts audited, then penalty could be levied under Section 271B of the Income Tax Act. The penalty for not completing tax audit is 0.5% of the turnover or gross receipts, subject to a maximum of Rs.1,50,000.
Appointment of Tax Auditor in Company
The responsibility of appointing tax auditors in a company is vested with the Board of Directors. The Board may also delegate this responsibility to any other officer like CEO or CFO. Auditors in a firm or proprietorship can be appointed by a partner, proprietor or a person authorized by the assessee.
Moreover, a taxpayer can also appoint two or more chartered accountants as joint auditors for performing the tax audit. In this case, the audit report must be signed by all the joint auditors, if all of them concur with the report. In case of any differences in opinion, the auditors must express their opinion separately through another report.
Note: – Joint tax auditors will carry the same responsibilities as that of other auditors..
Letter of Appointment for Tax Audit
The tax auditor must obtain a letter of appointment from the concerned assessee before going forward with the tax audit. The appointment letter must be duly signed by the person competent to sign the return of income. The letter must mention the remuneration offered to the auditor.
Besides, the appointment letter should specify that no other auditor is entrusted with the task for the particular financial year, and could contain details of the previous auditor. The latter is mentioned to facilitate the communication between the appointed auditor and his predecessor.
Who cannot be tax auditor?
There are certain prohibitions on the appointment of tax auditors, which are enumerated below:
Removal of Tax Auditor
The management is entitled to remove a tax auditor if he/she has delayed the submission of report to such an extent that it is not anymore possible to get the audit report uploaded before the specified due date. A tax auditor cannot be removed because he has submitted an adverse audit report or on the assesee’s apprehension that the tax auditor is likely to provide an adverse audit report.
If a Chartered Accountant is removed on unfair grounds, the Ethical Standards Board, which was established by the Institute of Chartered Accountants of India (ICAI) is entitled to intervene. Moreover, if a Chartered Accountant is removed on invalid grounds, no other Chartered Accountant would be allowed to act as a replacement to the predecessor.
To claim your income tax refund this year, then apart from filing income tax return (ITR), you might have to do one more additional step. This is because the process of claiming income tax refund has been tweaked a bit by the tax department.
From this year, you will have to make sure that you have pre-validated your bank account in which you wish to receive the income tax refund once your return is successfully filed or when filing your ITR.
Apart from pre-validating your bank account, you are also required to link your PAN with your bank account as well. If your PAN is not linked with the bank account, then you will not be able to get the income tax refund in your bank account.
If you want to claim the refund in the ITR then make sure you link your PAN with your bank account and pre-validate it on the income tax e-filing website. Now onwards, the income tax department will issue only e-refunds. Thus, refunds will be credited only to those bank accounts which are linked with PAN."
The income tax department had previously announced that from March 1, 2019, it will issue only e-refunds. These tax refunds will be credited only to those bank accounts which are linked with PAN and are also pre-validated on the income tax e-filing website, i.e., www.incometaxefiling.gov.in.
If your PAN is not linked/registered with your bank account, then you are required to visit your bank branch to do the same The tax department will now only issue e-refunds to taxpayers and in order to ensure proper credit and trail, the department is asking taxpayers to pre-validate their bank accounts on the income tax portal. This is a one-time exercise and is simple enough to do.
How to pre-validate your bank account
Step 1: Go to www.incometaxindiaefiling.gov.in and log in to your account. The user ID to enter your account is your PAN number.
Step 2: After logging in, click on 'Profile Settings' tab in your account and then select 'Prevalidate your bank account' option.
Step 3: If any of your bank account/s is already pre-validated, it will be shown on the screen. If you don't have a pre-validated account or you if you want to receive the income tax refund in different bank account, then click on 'Add'.
Step 4: A new page will open and you will have to enter these details: bank account number, account type, IFSC, bank name, bank branch and your mobile number and email ID.
The mobile number and email ID to be provided here must be the same as mentioned in your bank records.
Step 5: Click on 'Pre-validate'. Once clicked, this message will appear on your screen: "Your request for pre-validating bank account is submitted. Status of your request will be sent to your registered email id and mobile number".
Alternatively, you can also check whether your bank account has been pre-validated or not by logging in to your account on the e-filing website under the 'Profile settings' option.
If you wish to remove a particular bank account from your e-filing account, then in the 'Prevalidate your bank account' option under the 'Profile Settings' tab, select the account you want to remove and click on 'Remove' option.
If you want to view the list of bank accounts where pre-validation has failed, then you can do the same by clicking, 'View Failed/removed bank accounts'. It will also show you all the details of the bank account and the reason for rejection or removal.
In order to file your income tax return (ITR), you first need to collect all the information required to file it. The next necessary step is to figure your total taxable financial gain. After this, final tax due or refundable is calculated by applying the applicable tax rates effective so deducting taxes already paid by method of TDS/TCS or Advance tax from the tax due amount arrived at.
Here's a step by step orientate the way to calculate one's total taxable income:
As per the taxation laws, a person can have a total of 5 sources of income which are: Income from salary, Income from House Property, Income from Business or Profession, financial gain from Capital Gains, Income from Other sources. All income of a tax-assessee has to be categorized as one of the above.
Income from Salary
You can work out financial gain from your wage victimisation the TDS certificate in kind sixteen issued by your leader.
This is to be done as follows:
Form 16 (Part B).
Note: From FY 18-19, deduction in respect of transport allowance of Rs19,200 per annum and medical reimbursement of Rs 15,000 per year have been withdrawn.
Further, a typical deduction of Rs 40,000 a year will be allowed from your gross salary.
Income from House Property (HP)
Income from house property mainly consists of rental income received by the assessee from the house that he has let out. In case, assessee has only one house and that too is self occupied by him, then also he will be required to compute his income from house property.( whichwill be zero or a negative worth in most cases)
The assessee should contemplate following points whereas computing his financial gain from House Property.- work out the Gross Annual worth (GAV) of your unfettered H.P. as follows:
Note: If property is covered under Rent Control Act, then Expected rent cannot exceed the Standard rent.
Note: In case of self occupied property, the GAV would be taken as nil and maximum deduction of interest paid would be limited to Rs 200000.
Income from Capital Gains
Computing financial gain from capital gains involves some effort betting on the quantity and complexness of transactions. You might would like associate degree skilled to calculate identical relying upon the character and range of transactions.
Broadly, financial gain from capital gains is computed as follows:
1.Compute your Long term capital gains (LTCG) from sale of all capital assets.- work out your Short term capital gains (STCG) from sale of all capital Assets.- Claim the deductions u/s 54, 54G, 54EC etc. if any.
Calculating the taxable financial gain arising from gains from Business/ Profession may be a difficult task.
In case, the business or professional set up is not on a big scale and does not involve complex transactions, then income from Business/Profession can be computed by theassessee himself/herself however in most cases, it is beneficial to take the advice of an expert( like a chartered accountant) to do this. .
There many provisions below the taxation Act that subsume the allowance/disallowances of assorted expenditures and incomes.
Other ideas like AMT, Book Profits, and Presumptive incomes are also applicable while computing gains from a Business/Profession. For a straightforward business, the assessee can compute his taxable business income in the following manner:
It is always better to take the help of a chartered accountant, as the calculations tend to change with each case. Income from Other Sources
Interest income typically includes interest from fixed deposits, recurring deposits, savings accounts, bonds, debentures etc. Dividend income typically comes from mutual fund schemes where you have opted for the dividend option and equity shares. Most people would have only these two kinds of income from other sources.
Set Off of Current year losses and set off of brought forward losses. After computing income under each head of income, you might see losses reflecting under some heads of income. The income tax laws allow the assessee to set off the losses under one head of income from income under the same head or other heads of income too.
However, there are certain restrictions on set off of losses such as:
Even if there are no losses under any head in the current year, then also any losses which could not be set off in earlier years and have been brought forward by the assessee can be set off from the current year income of the same head in which the loss was incurred. Any unsettled loss can be carried forward to the next year. There are multiple conditions attached to carry forward and set off of losses so it is advisable to consult an expert in this matter.
Gross Total Income
It is the sum of income from all 5 heads after setting off the losses under the relevant heads of income. It is worth noting that Gross total income is to be categorized in 2 parts i.e. one which is to be taxed at normal slab rates (NORMAL INCOME) and other which is subject to tax at specific rates.
For this purpose, following are not considered as normal income:
Deductions under chapter VI-A
We all are aware of the popular deductions like deductions under 80C (upto Rs 150000), but there are many more deductions that can be claimed by the assessee. Make sure you claim all the relevant deductions from your Gross total income which are given under sections 80C to 80U.
In case the amount of deductions exceeds the Gross total income (GTI), then the amount of deduction shall be restricted to the amount of GTI.
Further, deduction under chapter VI-A can only be claimed from NORMAL INCOME computed above.
Some of the investments/expenditures which can be claimed as deductions include: Investment in NSC, PPF, ULIPs, ELSS, NPS, VPF, Tution fee, Mediclaim policy, Life insurance policy, donations given to certain approved institutions, royalty income received by the author of books, rent paid (subject to conditions).
Subtract the Deductions under Chapter VI-A from your Gross Total Income. The result will be your total taxable income. After calculating your total taxable income, apply the tax rates relevant for the financial year for which the income has been calculated to compute your tax liability.
Here is the step by step to enable GST Details in Tally.
Before we start, make sure you have upgraded your Tally to the latest version.
Moving ahead, I am assuming you have upgraded your Tally with the latest version which includes the GST functionality and therefore we will now see how you can enable Goods & Service Tax in Tally.
Company Features Menu in Tally
Company Operations Alteration Screen in Tally
See name of the screen – Company Operations Alteration on the top left-hand corner in above image.
3. You will be able to two options.
4. First, we will enable GST in Tally and then we will Set the GST Details.
5. Well, enabling is pretty easy.
6. Press Y in the option Enable Goods and Services Tax (GST) and press Enter.
7. DONE. You have enabled GST (Goods and Services) Tax in Tally.
This was just a simple step but without it you would not be able to go ahead and set the GST details in Tally.
Enabling the GST in Tally will activate all the functions of GST in Tally. This includes GST functions in ledgers, reports, returns and more.
You may think it is just a small step, but trust me it is a big step which affects the whole functioning of Tally.
Now, you will see GST option in almost every place in Tally which previously was not available.
We will now see How to set and alter GST details in Tally.
You will need the following to set GST Details in Tally.
You will have all the details if you have registered for GST on the GST Portal.
If you do not have any of the above details, it is perfectly okay. You can simply go through this post to know the method to set GST details in Tally.
In fact, I will be using fake GSTIN and fake HSN for the explanation of this post.
After GST is Enabled, you will land to Company Operations Alteration screen.
Press Y against the Set/alter GST details option and press Enter.
You will see the Company GST Details screen as shown in the image below.
So when you enter 28% Integrated Tax, it will be divided into 14% for CGST and 14% for SGST automatically.
You can also enable Central and State Tax option if you want to see columns for both of them instead of one integrated tax column. Here is how you can do it.
Select the last option Show all GST tax types to Yes and press Enter and now you will see Central and State Tax option too as in the picture below.
You will have to enter LUT or Bond number and the Validity i.e. from a date to the date till the LUT or Bond is valid.
Finally Press Enter and you will come at Company Operations Alteration – right from where we started.
Now, press CTRL+A to save all the details which we have entered.
Congratulations! You have successfully set GST details in Tally.
What is Form 26AS
This form is AN annual consolidated tax statement which will be accessed from the income-tax web site by all taxpayers exploitation their Permanent Account variety (PAN).
If you've got paid taxes on your financial gain or tax has been subtracted from your financial gain, the Income tax department already has these details in their database.
You could refer to your Form 26AS for the details of your income (on which taxes have been deducted) as well as the taxes that have been paid by oron your behalf by the deductor (could be your employer, bank etc) to the Government treasury.
In addition, Form 26AS also contains details of your deductors such as their names and Tax Deduction Account number (TAN).
Details of taxes paid by you and tax refunds
Form 26AS not solely contains the small print of your taxes paid however conjointly contains details of any tax refunds that are received by you throughout the relevant fiscal year
Details of TDS on sale of immovable property
The buyer of stabile property is needed to deduct tax at supply from the thought paid to the vendor of the property.
If you've got sold-out a property throughout the fiscal year, details of taxes deducted by the purchaser while making the payment to you should also show up in yourForm 26AS.
Details of TDS on rent of property
If you're a resident Indian and receive rent surpassing Rs.50,000 per month from an individual, the payer is required to deduct tax at source from such rent before making the payment to you.Details of the taxes subtracted can replicate in your type 26AS.
Details of TCS on sale of car
If you purchase a car, you would be required to pay the seller, tax at 1% on sale price if the sale price of the car exceeds INR 10 Lakhs. The same will be deposited by the seller of the car in your name with the Government treasury. Details of the taxes collected will reflect in your Form 26AS.
Details of your high value transactions
Apart from this, high value transactions made through banking and financial institutions are reported in the Form 26AS based on Annual Information Return ('AIR') filed by these banking and financial institutions.
For example, purchase of high value mutual funds, immovable property, high-value corporate bonds etc find their way into the Form 26AS.
Details of Advance tax paid and Self assessment tax paid
In case you have paid any advance tax or self assessment tax during the year, the same shall also get reflected in your Form 26AS.
Comprehensive document showing tax paid by you
So tired all, Form 26AS is a document which captures all the taxes paid by you by way of deduction or otherwise in one place making it easier foryou to assert the credit of taxes paid at the time of filing of your return.
The information within the type 26AS is mostly updated on a quarterly basis.The year-end tax credits as reflective within the type 26AS square measure eligible to be claimed whereas filing the return.
How to get Form26AS
Form 26AS can be downloaded from TRACES website. To download Form 26AS, log in to your income tax filing account on the Income Tax department's e-filing website https://incometaxindiaefiling.gov.in, either directly or through the Net banking facility of authorised banks.
Once you log in, click on 'View Form 26AS (Tax Credit)' tab, either under 'My Account' or 'Quick links' tabs.You will be redirected to the TDS-CPC website to view this form.You need to settle on the relevant assessment year (i.e.year following the money year) that you wish to transfer the statement.You can view HTML format and then click export as PDF to save as PDF file.
Verify your tax details in Form26AS
A welcome initiative by the Income tax department of introduction of Form 26AS has obviated the need to submit the TDS certificates (Form 16 / 16A) by the tax payer along with the tax return.
However, the payer is needed to verify the small print within the type 26AS and highlight any discrepancy within the details (over / underreporting of financial gain or taxes) to the taxdeductor immediately to make necessary rectifications.This is to avoid any inquiry by the tax department on tax couple leading to a tax demand thanks to non-availability of acceptable decrease at a later date.
Therefore, it is important for every tax payer to ensure that the taxes claimed in the tax return are in line with the taxes as appearing in the Form 26AS.
The fourth tab within the online ITR-1 form is 'Tax Details'.This tab has the details of all the taxes that are deducted from your income in FY 2018-19. This tab comes after the third tab 'Computation of Income & Tax' where you have to fill in details of your income from salary, house property and other sources. Once you have filled in the income details and deductions that you are eligible to claim, then the tax payable by you will be automatically calculated.
The 'Tax Details' tab shows all the main points of the tax subtracted, collected, and deposited with the government against your Permanent Account Number (PAN).These details are automatically populated within the online ITR-1 from your kind 26AS by the e-filing website code.However, if you are filing ITR-1 using Excel or Java utility, then these details will not be auto-filled.
Form 26AS is your annual consolidated tax passbook containing details of all the tax that has been deposited against your PAN. It usually contains details of tax deducted by your employer, banks, and advance-tax and self-assessment taxes, if any, paid by you.You can transfer this statement from the TRACES web site.
While this section of ITR1 on the e-filing website auto-populates the taxes paid from Form 26AS, you must cross check each of these details with the relevant documents (TDS certificates, Form 16, 16A, tax challans etc) to ensure that there is no error. If you have provided the wrong PAN information to tax deductors (banks/employers), then taxes deducted will not be reflected in Form-26AS.
Let us have a look at the five heads that you should check:
1. Details of tax subtracted at supply (TDS) from wage (as per Form-16)
This schedule contains details of tax deducted by your employer from your salary. It shows TAN number, name of your employer (present and former), and employer wise break-up of the income chargeable under the head salary and TDS by each of them in FY 2018-19.You should match tax details in type 26AS with TDS certificates received by you.
If there is a mis-match in your tax details, you should bring it to the deductor's notice and get it corrected. "If there is a mis-match in your Form26AS and TDS certificate, you will not get credit of the tax deducted.You will enter these details manually within the schedule however keep in mind that the tax department can raise you concerning the small print of the diminution availed.
However, please note that the tax department will give you the credit of TDS as per Form 26AS only. In such a case, you need to contact your employer and need to get Form 26A rectified
2. Details of TDS from financial gain aside from wage (as per Form16A)
The second schedule under this tab contains details of TDS deducted from incomes other than salaries such as TDS from interest earned from fixed deposits, taxable bonds etc. If interest earned from fixed deposits (FDs) with a bank exceeds Rs 10,000 in FY 2018-19, then TDS would be deducted and it would be reflected in this schedule. Similarly, interest earned from different sources like bonds of NBFCs is subject to TDS if it exceeds the specified limits. For senior citizens, TDS from interest incomes will be deducted if it exceeds Rs 50,000 in a financial year.
3. Details of TDS (as per Form 26QC furnished by the deductor)
In FY 2018-19, if you have received monthly rent of Rs 50,000 or above, then the payer (your tenant) should have deducted TDS.These TDS details would be reflected in schedule three of 'Tax Details'.You should raise your tenant to supply kind 16C for the small print of TDS and match these with the number reflective beneath this head.
4. Details of tax collected at source (TCS) (as per Form 27D issued by the collector)
This schedule contains the main points of the tax collected by the vendor."Tax is collected at source (TCS) if you have bought any old or new motor vehicle whose value exceeds Rs 10 lakh.The seller can collect tax at the rate of one % of the number paid by you to shop for that automobile.The seller would have issued you form 27D for the tax collected from you and deposited against your PAN.This will reflect in your Form 26AS online.
Therefore, if you have bought a motor vehicle in FY 2018-19, whose value exceeded Rs 10 lakh, then make sure this schedule is reflecting the correct details.
5. Details of advance tax and self- assessment tax
The last schedule in this tab will show the details of advance tax and self-assessment tax paid by you. These details are auto-picked from your Form-26AS and auto-filled in the schedule. It is advisable to check these with the details of the challan of the tax paid to ensure there is no mis-match.
"At times, there can be a delay in updation of Form 26AS with details of advance tax and self-assessment paid by you. In case there is a mis-match, you can enter these details manually and claim tax credit. But do keep tax challan receipts safely in case tax department asks you to provide the proof for the same."
Taxes paid and verification
Once you have checked the details in the 'Tax Details' tab, the next tab, i.e., the fifth tab 'Taxes Paid and Verification' automatically calculates the tax payable/refundable, if any, to show if there is any amount payable by you or any tax refund due to you.
This tab will show the total amount of taxes paid by you and total tax payable or tax refund, if any. If there is any amount to be paid by you, you should pay it before submitting your ITR. If there is no balance tax payable, then 'Amount Payable' will be shown as zero. If any tax refund is due to you, it will be shown in the corresponding cell.