I am a retired bank executive. On my annual pension income, my employer doesn’t deduct TDS, taking into account my deductions under 80C & 80D of Income Tax Act. However, I make self-assessment tax based on my other income from my investments in bank deposits, equity shares, etc., through online banking. Against my periodical self- tax remittances, I have been receiving the confirmatory messages (on mobile phone) from IT department, that the challan payments are successful.
However, I found that in form 26AS, there is no provision to verify the self-tax remittances made. Is there any way I can regularly check the status of my tax remittances on the department’s website or any other window to avoid last-minute problems, and to avoid ending up paying penalties?
From the Financial Year (‘FY’) 2022-23, the payment made towards Advance tax and Self- Assessment Tax is reflected in the Annual Information Statement (‘AIS’) instead of the Form 26AS. Thus, the payments made for a particular FY can be verified from the relevant AIS.
The AIS can be referred to from the below steps:
Login to your income-tax portal > AIS > Change the FY > Click on AIS tab > Click on download
I will be turning 60 in March this year, and retiring from a private company. My corpus in the National Pension System (NPS) is about ₹80 lakh from my personal contributions made over the past 12 years. Now, when I withdraw 60 per cent of this accumulated amount as tax-free corpus, how should I show the transaction in my tax filing? Will it be reflected in 26AS or AIS? Or, can I avoid showing it in my tax form since it is tax-free anyway?
We understand that the 60 per cent part of the accumulated balance is tax free and should be accordingly reported under the exempt income schedule in the Income-Tax return form.
While the same shall not be reported in your Form 26AS as the amount is tax free, the withdrawal may be reported in your Annual Information Statement. Thus, it should be appropriately reported in your income-tax return even though the withdrawal is tax free, in order to file an accurate return and avoid any penalty.
The author is a practising chartered accountant
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