New Delhi: Income Tax Rules: People often complain that their salary is not taxable, yet their TDS has been deducted, or TDS has been deducted in excess of the taxable salary. Now how can he get it back? Its method is very simple, let us tell you.
1. How to get a TDS refund in case of a mismatch between salary and TDS
If your company has deducted more TDS than taxable salary then you should file a TDS return. Income Tax Department will calculate the total tax on your salary, if this tax is less than the tax deducted by your company, then the balance amount of tax will be refunded to you. If the amount deducted by the company is less and the taxable amount is also very high, the IT department will ask you to deposit the outstanding TDS. Remember that you need to enter the IFSC code of your bank while filing the return, only then the refund will be credited to your account.
2. Method of getting a refund on deducting TDS on FD.
If your salary is not eligible for income tax, or say no tax is payable on your salary, even though your bank deducts tax on your Fixed Deposit (FD) interest, you will get this TDS amount back as well. What can we do? There are two methods for this.
Method No. 1. Mention the same in the IT return. If no tax is generated, this amount will be credited to your bank account. Income Tax Department automatically calculates the liability
Method No. 2. Fill out your 15G form and submit it to your bank. Tell your bank that my salary is not taxable, so refund the TDS deducted.
3. What to do if you are a senior citizen?
No tax is to be paid on the interest on deposits of senior citizens. 5. Within how many days TDS refund is received, however, if you have turned 60 this year, and want the bank not to deduct your TDS, file Form 15H and submit it to the bank, to ensure For that the bank will not deduct your TDS. FD in future Interest.
4. How to Check TDS Refund Status?
To get a TDS refund faster, it is important that you file your ITR on time as the sooner you file the return, the sooner the refund process will start. If you want to check the status of the TDS refund, then for this you have to do
Log on to the e-filing port https://www.incometax.gov.in/iec/foportal/. Next, go to the section ‘View e-File Return/Form’. Check ITR wise for the assessment year. A separate page will open showing the refund status. Apart from this, you can also check the status by calling CPC Bangalore’s toll-free number 1800-4250-0025.
5. In how many days TDS refund is received
If you have filed ITR on time, then the refund comes within three to six months.
