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I-T & Multiple Sources of Earning

Author: Col. Sanjeev Govila(Retd)/Wednesday, September 5, 2018/Categories: Ask the Finapolis

I-T & Multiple Sources of Earning

I have multiple sources of earning. The major payment comes from a company which deducts income tax (TDS). But when I sought to file my returns, I realised that the amount deducted from me hasn’t been credited to the Income Tax department? But I am always paid through a bank transfer. And, the payment comes regularly every month? Should I show that as income or ignore it and file returns to the amount for which TDS was deducted? Since the payment is through bank transfer, wouldn’t the company be caught later for non-compliance of TDS payment?

-- Gaurav Tripathi, Mumbai

Not showing an income which has been paid to you, especially through bank transfer, amounts to hiding your income and is an offense under the Income Tax Act 1961. I would definitely not recommend that to you. You should immediately get in touch with the company and tell them to upload the TDS details on to the Income Tax Department portal so that it starts showing in your Form 26AS. Pending that, if you are getting delayed for filing your Income Tax Return (ITR), please go ahead and file your ITR as if the TDS has been deducted and correctly uploaded by the company concerned, with a hope that the matter will be resolved before your ITR is accessed by your AO (assessing officer). In case the resolution of the matter with your company takes time and your ITR is assessed before that, you may be asked by the IT department to pay the TDS concerned along with interest under sections 234 A/B/C.

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Col. Sanjeev Govila(Retd)
Col. Sanjeev Govila(Retd)

Col. Sanjeev Govila(Retd)

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