ITR and 26AS APIs

Income Tax Return (ITR) is a document filed with the tax authorities that reports an individual’s income earned, deductions claimed and taxes paid during a specific financial year. It provides a summary of an individual’s financial transactions for tax assessment purposes.

Wavenet’s Income Tax Return API & 26AS APIs are an online interface that helps you evaluate your customer’s income tax returns history and their credibility in financial transactions. It generates an income tax report based on the incometax return. An AI-based decision rule engine helps do this. In addition, you can combine data with other data points to create a more defined perspective about the user. This tool can be used to check income tax details, verify ITR online and even get an income tax return status.

The 26AS form is updated each quarter with the individual’s income, tax, and other details. It usually includes tax deductions, advance tax, refunds, high-value transactions and individual income details. This form provides income tax return information and details about different sources of income.

ITR form 1 is filled out by Indian residents with an annual income of less than 50 lakh rupees. The income is determined from three sources. These include the salary/pension, house property income and other defined sources. This information is used to create the income tax report. The form can be filled out and submitted online, making it easy to file an ITR online.

There are minimal to zero chances of any error in the verification. The maximum quality evaluation is made with the available data. An AI-based decision rule engine makes the process accurate and devoid of human errors. This makes it reliable for ITR verification online.

Yes. ITR and 26AS APIs can be used for underwriting and will be an effective tool in determining the financial credibility and capacity of the customer. It can be used to check income tax details and verify income tax e verify processes.

You can evaluate your customer’s ITR details with reliability and ease using their PAN number, DoB and phone number. It will help you decide if a customer is legitimate, financially secure or unqualified and add to the customer’s credibility. This also helps determine the employment status of the customer. This can be used to check income tax details and generate an income tax statement.

Our ITR API enables you to retrieve income tax return information, including employment details and income sources. By accessing the data from ITR returns, you can verify an individual’s employment status and assess the reliability of their income sources.

Integrating our ITR and 26AS APIs is a seamless process. Our APIs are designed for easy integration, allowing you to incorporate income tax return data into your applications, platforms or services smoothly. Our documentation provides comprehensive guidance for integration.

In such situations where the TDS credit is not reflected in Form 26AS, it is advisable to reach out to the payer to determine the exact reasons behind the non-reflection. By contacting the payer, you can clarify the situation and gather information on any potential errors or omissions made in the TDS statement. They would be able to provide insights into why the TDS credit is not appearing in Form 26AS and assist you in resolving the issue.

Yes, you can claim TDS in your return without Form 16. The TDS credit will be reflected in your Form 26AS, which is a statement showing the details of TDS deducted on your behalf by various deductors. You can access your Form 26AS through the income tax department’s website. Once you have the TDS credit details from your Form 26AS, you can include that information while filing your Income Tax Return (ITR). It is important to ensure that your claim of TDS in your return of income matches the TDS credit being reflected in your Form 26AS. This ensures accurate reporting and helps prevent any discrepancies in your tax filings.

f you find that the TDS credit in your Form 26AS does not match the actual TDS deducted, there are steps you can take to resolve this issue. The Income Tax Department updates the TDS details in Form 26AS based on the information provided by the deductor, who is responsible for deducting the tax. However, there may be cases where the deductor fails to furnish TDS details (i.e., TDS return) to the ITD or deducts the tax using an incorrect PAN. To address this discrepancy, it is advisable to confirm the tax credit appearing in your Form 26AS and compare it with your actual TDS deductions. If you notice any differences, it is important to reconcile these discrepancies. Here are the steps you can follow:

1. Double-check your TDS certificates: Ensure that you have received TDS certificates for all the deductions made. These certificates should contain accurate details such as the deductor’s name, TAN (Tax Deduction and Collection Account Number) and the amount of TDS deducted.
2. Communicate with the deductor: Reach out to the deductor, which could be your employer, bank, or any other entity responsible for deducting TDS. Share your concerns regarding the mismatch between the actual TDS deducted and the TDS credit reflected in Form 26AS. Request them to rectify this by providing the correct TDS details to the ITD.
3. File a complaint with the ITD: If the deductor does not respond or rectify the issue, you can file a complaint with the Income Tax Department (ITD). Contact the relevant ITD authorities and provide them with the necessary information, including details of the deductor, TDS certificates and evidence of the mismatch.
4. Use the TRACES portal: The TRACES (TDS Reconciliation Analysis and Correction Enabling System) portal is an online platform provided by the ITD to facilitate the reconciliation of TDS deductions. You can register on the portal and access various functionalities to view and verify TDS details. If there are any discrepancies, you can raise a grievance through the portal and track its resolution.
5. File an Income Tax Return: Ensure that you report the actual TDS deductions correctly when filing your income tax return. Include all the necessary details of TDS certificates and the accurate amount of TDS deducted.

By following these steps, you can actively address the issue of mismatch between actual TDS deductions and the TDS credit reflected in Form 26AS. It is essential to take proactive measures to reconcile any discrepancies and ensure that your tax records are accurate and up-to-date.

The Form 26AS Tax Credit Statement consists of several components:

1. Part A: This section provides details regarding Tax Deducted at source. It includes the name and TAN (Tax Deduction and Collection Account Number) of the deductor, the total amount paid, the tax deducted and the tax deposited.
2. Part A1: If the deductee has submitted Form 15G/15H, this part contains the details of Tax Deducted at Source.
3. Part A2: This section includes the details of Tax Deducted at Source specifically for transactions like the sale of immovable property under section 194IA, rental income under section 194IB and payments to resident contractors and professionals under section 194M. The information is provided for the seller/landlord of the property or the payee of the resident contractor and professional.
4. Part B: It displays the details of Tax Collected at Source. This section shows the details of the seller who has collected tax from you.
5. Part C: This section includes the details of any taxes paid other than TDS/TCS (Tax Deducted at Source/Tax Collected at Source), such as Advance Tax or Self-assessment Tax.
6. Part D: It contains details of any refunds that have been paid. This section provides information related to refunds in the specific assessment year.
7. Part E: This section displays the details of Specified Financial Transactions (SFT). Banks and other financial institutions are obligated to report high-value transactions to the tax authorities. Large purchases of mutual funds, property and corporate bonds are reported here.
8. Part F: If you have made payments for property purchase, rental payments, contractual work, or professional fees and have deducted TDS on those payments, this section shows the details of the TDS deducted and deposited by you.
9. Part G: This part provides information on TDS defaults after the processing of TDS returns. However, it does not include any demands raised by the assessing officer.
10. Part H: This section shows the turnover of the taxpayer as reported in the GSTR-3B return.

The Central Board of Direct Taxes (CBDT) has made an announcement regarding the new Form 26AS and Annual Information Statement (AIS), effective from 1st June 2020. The newly introduced Form 26AS will now be presented in two parts, namely Part A and Part B. Part A of Form 26AS will contain essential personal details of the taxpayer, including their PAN, name, address and more. This provision will facilitate taxpayers in filing their Income Tax Returns (ITR) by providing them with all the necessary information available in Form 26AS. In addition, the CBDT has introduced the AIS, which will encompass a comprehensive range of information. This includes details pertaining to specific financial transactions such as property and share transactions, as well as information related to the payment of taxes, such as advance tax and self-assessment tax. The AIS will also incorporate information regarding demands and refunds, pending proceedings, completed proceedings and any other information specified under sub-rule (2) of rule 114-I. Furthermore, the AIS will include information regarding foreign remittances. Overall, the CBDT’s announcement regarding the new Form 26AS and AIS aims to provide taxpayers with a consolidated and comprehensive document that contains all relevant information needed for accurate and efficient submission of their ITRs.