The amount that is taken out of a taxpayer’s income, such as a salary, bank interest, rent, etc, is known as tax deducted at source (TDS). You may be eligible for a TDS Refund if the TDS collected exceeds the amount you owe to the government, visit www.income tax.gov.in or incometaxindiaefiling.gov.in to check TDS Refund Status online.
TDS Refund Status
When the taxes paid through TDS are higher than the actual tax due determined for the Financial Year, a TDS Refund results. After combining money from multiple sources, it is determined. As taxpayers, we are all divided into different tax brackets. Let’s say you have an FD and receive interest payments from it. You can now get a TDS refund for the excess amount deducted if you pay taxes at a rate of 5%. After filing the taxes one can check the TDS Refund Status online.
TDS Refund Process Timeline
The usual timeline takes 3 to 6 months to process the refund into your bank account although there is a condition that you must have filed the ITR on time. E-verification is also another useful and important stage for the credit of the Refund. There are also some cases where ITR processing got finished within a month of filing.
| Refund | TDS Refund |
| Organization | Income Tax Department, India |
| Timeline for TDS Refund | 3 to 6 month |
| Official Website | www.incometax.gov.in
incometaxindiaefiling.gov.in |
If the IT department is tardy in giving you the appropriate TDS refund, they are required to do so with a 6% simple interest charge. When an ITR is submitted by the deadline and from the date of submitting the returns in all other circumstances, this interest begins to accumulate in the first month of the assessment year.
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How to check the TDS Refund Status Online?
You must first register on the IT department’s website, https://incometaxindiaefiling.gov.in/, before you can submit your TDS electronically.
Visit the official web portal and login to the e-filing portal with user id, password and dob.
Go to My Account and Click on the TDS Refund Status option.
Submit the required information to check the status of TDS.
It is important to verify the ITR acknowledgment that is produced once the ITR is filed. E-verification is possible using a digital signature, an OTP based on your Aadhaar, or your net banking account.
However, you can complete the verification by providing a signed physical copy of the ITR to the IT department if you were unable to e-verify it.
How to get TDS reimbursement?
You can compute your taxable income and taxes, file an income tax return (ITR), and seek a refund where the tax deducted does not match the actual tax owed. You will be required to include your bank’s name and IFSC number when filing an ITR.
It makes the process simple to execute for the IT division for the reimbursement of additional taxes. By requesting a reduced or Nil TDS certificate from your jurisdictional Income Tax Officer in Form 13 in accordance with Section 197, you can prevent TDS deduction from your pay if your taxable income is below the basic exemption amount.
You can give the TDS deductor the Nil deduction order issued according to Section 197. Click here for additional information on how to complete Form 13 and apply for a reduced tax deduction under Section 197.
Compute the ITR for TDS request
You must compute your income and taxes, file an Income Tax Return (ITR), and request a TDS refund if the actual tax payable exceeds the TDS. You must include the information for a bank account and the IFSC code when submitting an ITR online. To provide a TDS refund, the Income Tax (IT) department needs certain specifics.
TDS Taken from a fixed deposit
To notify your bank that you have no taxable earnings when your taxable income is below the basic exemption level, file a declaration in Form 15G at the beginning of the fiscal year. Therefore, there would be no tax (TDS) deducted from your interest income.
You can request a refund by filing an ITR if the bank withholds tax (TDS) on your interest income despite your submission of the Form 15G declaration.
TDS Tax Redemption
Seniors with FD accounts are free from tax deductions (TDS) on interest received from bank deposits if they are 60 years of age or older. However, if interest on deposits from each bank totals up to Rs 50,000 per year, the exemption is valid. You have an option to send the form 15H to the bank in the starting of the fiscal year. Let your bank know that you do not have a taxable income of interest exceed the threshold level mentioned above but your gross income is less from the basic redemption.