Last Updated on July 22, 2021 by Bansari
Income Tax Rules: Most people complain that their TDS has been deducted even though their salary is not taxable, or more TDS has been deducted than the taxable salary is. Now how will he get her back. Its way too simple, let me tell you.
Celery and TDS are a mismatch, so how do you get a TDS refund?
If your company has deducted more TDS than taxable salary, you file a TDS return. The IT department will calculate the total tax on your salary, if this tax is less than the tax deducted from your company, the outstanding tax amount will be refunded to you. If the amount deducted from the company is less and the taxable is more, the IT department will ask you to deposit the remaining TDS. Remember that you need to enter your bank’s IFSC code while filing the return, only then the refund will come to your account.
How to get a refund if TDS is deducted on FD
If your salary is not eligible for income tax, or let’s say there is no tax on your salary, however, if your bank deducts tax on the interest on your fixed deposit, you can also get back this amount of TDS. There are two ways.
Method No. 1: Mention it in the IT return. The Income Tax Department will automatically calculate your payable tax. This amount will be credited to your bank account if no tax is levied.
Method No. 2: You fill up Form 15G and deposit it in your bank. Tell your bank that your salary is not taxable so return the deducted TDS.
What if you are a senior citizen?
Senior citizen is not liable to pay any tax on the interest on fixed deposit. However if you have turned 60 this year and do not want the bank to deduct your TDS then fill up Form 15H and give it to the bank. So that he can be assured that the bank will not deduct TDS on FD interest from now on.
Here’s how to check the status of a TDS refund
If the TDS refund comes soon, it requires that you pay your TDS on time, so that the sooner you file the return, the sooner the refund process will begin. If you want to see the status of TDS Refund, you have to go to e-filing portal https://www.incometax.gov.in/iec/foportal/ and login. Then go to the ‘View e-Filed Returns / Forms’ section. Check ITR as per assessment year. A separate page will open showing the status of the refund.
How many days will you get TDS refund?
Refunds come in three to six months if you file ITR on time.