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How to claim TDS Refund


What is TDS Refund?

Individuals who have made financial declarations at the start of the year, which are less than the proof of investment submitted at the end of the year, will be eligible for a TDS refund. If the projected investments declared at the beginning of the year are less than the actual investment made at the end of the year, a situation for a refund will arise. The sooner you file the INCOME TAX RETURNS, the earlier you can get the TDS refund.

How to claim TDS Refund?

1. In case your employer deducts more tax than applicable to you as per your IT return filing

As discussed in the example above, a mismatch between tax deducted by employer and the actual tax payable is taken care of when you file your INCOME TAX RETURNS. When you file your income tax return, you are supposed to quote your bank name and IFSC code. This makes it easier for the income tax department to return the excess tax you’ve paid.

2. fixed deposit accounts for senior citizen

If you are above 60 years of age and have fixed deposit accounts, you are required to fill and submit form 15H to ensure that bank does not deduct income tax on the FD interest earned. or alternatively  you can get the refund credited to your bank account when you file your IT return. The IT department then calculates the tax applicable to you and adjusts the excess tax paid and credits it back to the bank account you’ve mentioned in your INCOME TAX RETURN FORM. Senior citizens are exempt from tax deduction on interest earned on fixed deposits.

TDS Refund Status

You can check the TDS refund status by the following methods:

  • An acknowledgment e-mail sent to your registered e-mail address
  • By using the PAN card number on the website – https://incometaxindiaefiling.gov.in/
  • By calling CPC Bangalore on 1800-4250-0025 (toll-free number) in order to check the status.

e-Filing TDS

  • Once you have registered, you can choose to either download the relevant form and upload it back once you have completed or you can also fill the details online.
  • ITR1 is applicable for individuals earning a salary, pension, or income from property or other sources except for lottery.
  • ITR2 is applicable for individuals who are earning capital gains.
  • When you have completed filling up the form, you will need to provide documents such as PAN, Form 16, TDS certificate, interest statements, and details of investments.
  • After the submitting the documents , you will receive an acknowledgement number.
  • if you have submitted the forms without a digital signature, you will receive an email with ITR V that is essential for completing the verification for ITR.

Interest on TDS Refund

Under Section 200A if the income tax department is late in paying you the tax refund applicable to you, then you are entitled for a simple interest of 6% p.a. on your refund amount. This interest starts accruing from the first month i.e. April of any financial year. However, interest is not paid out if the tax refund is less than 10% of the total tax payable in a year

TDS refund period

The TDS refund period depends on various factors. If you have filed the ITR details on time, it can take anywhere between three to six months to receive the refund. The refund period will also depend on completing the e-verification. If you do not receive your refund on time, you may check with your employer to verify the FORM 16, contact your Income Tax Office, 

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