ABOUNT NSDL 26AS FORM

Mahendra (Querist) 19 August 2009 This query is : Resolved
Dear sir,
I m user of FORM 26AS (Online view of tax Credit) facilities provided by NSDL.
I found a Party in our List showing around 6000 Tds (Contactual Pmt) Deducted for two financial years.07-08 & 08-09 for which we have not raised any such bill .I spoke to the party but the party denied for such deduction. Say as we don’t know. I have also checked tan number which matches with that of the party.
Pls give solution to my below queries

1 What if the party is booking fabricated expenses in their books of accounts & pay tds in our account? What consequences we may face for the same?
2 Should we take the tax credit for income tax purpose?
3 What if the party says to enquire at NSDL ? who is responsible for it we or the party? & how ?
4 Pls give us complete solution?

Thanks in Advance.
Mahendra

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A V Vishal (Expert) 19 August 2009
What if the party is booking fabricated expenses in their books of accounts & pay tds in our account? What consequences we may face for the same?

If your books are scrutinized then, there is a problem that the A O may say that you have concealed the income.

2 Should we take the tax credit for income tax purpose?

If you take credit of the Tax it means you have accepted that the Income is also yours.

3 What if the party says to enquire at NSDL ? who is responsible for it we or the party? & how ?

Since you are facing problem you will have to approach NSDL. However, NSDL will not reveal what the other party has filed to a third party.

The only solution is to approach the party directly along with the copy of 26AS and request them to rectify the entry for which a correction E-TDS has to be filed by them for the affected Quarters.