Predict Defaults in Form 26

Predict Defaults in Form 26

Hello Everyone, 

In this post, we will be learning about how to analyze the errors that occur after the addition and mapping of challan and deductions in Form 26.

To analyze the errors, navigate to Predict Defaults tab and the errors will be visible under individual categories.

Let us now have a look at what each error specifies : 

  1. Short Deductions : 

When the tax amount deducted is less than the actual tax amount for the specified section. Then the deduction will be visible under the short deduction category.

  1. Short Payment : 

When a challan is overbooked i.e. a deduction is linked to a challan of lesser value. Then such challan will be visible under the short Payment category.

  1. Late Payment Interest:

If the challan payment date, linked to a deduction, is after the required payment due date, such deduction will be visible under the Late Payment Interest.

  1. Late Deduction Interest:

When the tax deducted date is after the payment/credit date, this deduction will be accounted for the Late Deduction Interest.

  1. Higher Rate Deduction:

If any deduction is marked for a higher rate deduction due to the non-availability of PAN, then those deduction will be reflecting under this category.

  1. PAN Status:

If the PAN of the Deductee is not verified, then such a record will be visible as an error list in this category.

  1. Challan Status:

If any challan is not verified or found to be invalid on verification, will be visible in this error category.

  1. Late Filing Fee:

If the return filing date is updated in the acknowledgement details is done after the due date for the quarter, then a Late fee u/s 234E is incurred which will be reflected in this category. 

  1. Challan Deduction Mapping Status:

This category will list all the deductions which are not mapped to any challan. It will also show the amount of Mapped and Unmapped deductions.

  1. Lower Deduction Certificate:

This category will list all the deductions which are marked for No Deduction / Lower Deduction certificate u/s 197 but the Certificate is not verified for its authenticity.

The categories identified with errors will appear at the top as shown below and the errors can be viewed by clicking on the View button given in the respective card.

If you want to view a report containing all the errors, then click on Generate Full Report given at the right bottom of the screen.

Here ends the reading to Predict Defaults Analysis in Form 26 of Saral Pro.