TDS mismatch due to missing Advance Tax deduction in Form 26AS

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TDS mismatch due to missing Advance Tax deduction in Form 26AS

I filed my tax for FY 2014-2015 and received a letter of TDS mismatch. The mismatch is due to the advance tax paid which was deducted by the seller before making the final payment.  Seller has provided the receipt of the challan (Form 280) with BSR details but that transaction is not reflected in my (seller) Form 26AS. As a result, I owe that much amount of tax even though it was paid by the buyer before making me final payment. So my question is following- How do I trace this transaction so I that I can claim the proper credit? Buyer provided the copy of challan.

Profile photo of SK Asked By: SK 3 replies 0 helpful answers Last Updated: 4 weeks ago
  • Profile photo of SKSK
    Participant

    I filed my tax for FY 2014-2015 and received a letter of TDS mismatch. The mismatch is due to the advance tax paid which was deducted by the seller before making the final payment.  Seller has provided the receipt of the challan (Form 280) with BSR details but that transaction is not reflected in my (seller) Form 26AS. As a result, I owe that much amount of tax even though it was paid by the buyer before making me final payment. So my question is following- How do I trace this transaction so I that I can claim the proper credit? Buyer provided the copy of challan.

  • Profile photo of SKSK
    Participant

    Thanks Amit. Anyone else have any suggestions / ideas? Very unique situation: 1) Buyer deducted 1% TDS which is correctly reflected in my Form 26AS.
    2) Buyer deducted 20% and paid as Advance Tax / Self Assessment Tax and provided Challan 280 with BNR detects etc but the problem is that this is NOT reflected in my Form 26AS. As a result I owe tax even though it was paid. So my question is how to trace and correct this transaction so that its reflected accurately in my account?

  • Profile photo of Roohi RasheedRoohi Rasheed
    Moderator

    This transaction will reflect in your Form 26AS only when the buyer files a TDS return for that quarter. Please ask the buyer to file the TDS return as the challan would suffice to claim the credit.

  • Profile photo of SKSK
    Participant

    Thanks Roohi for your response. Can you please provide details on what buyer needs to do to file TDS return? Buyer has provided me copy of challan 280. Is that now TDS return? If not, please provide more details. Once buyer files the TDS return, I (seller) can claim the credit …right?

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