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Income Tax Dept. to ignore Mismatch Below Rs.5,000 in TDS Claim

Income Tax Dept. has directed tax officers to ignore the mismatch between the TDS Credit reflected in the document’s system, if the difference does not exceed Rs. 5,000 /-

In such a circumstances, the TDS claim of the taxpayer has to be accepted without verification, according to the circular.

The significance of this circular is that the department cannot withhold the refunds, merely on the gound of discrepancy in the TDS claim in the return filed by the taxpayer and the TDS credit reflected on the department’s system, if the difference is less than Rs. 5,000 /-

Besides, the circular will put an end to the practice of forcing the taxpayer and the sum computed by the taxman.

The anomaly, more often than not, occurs due to technical problems of the system, but taxpayers faced an additional tax demand or delay in the issue of refunds for no fault of theirs.
 

 

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