How to claim TDS refund? What are its benefits? Know all the important information related to it

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TDS refund india: This deduction is made from your income throughout the year and if you have paid more tax than required, then it becomes necessary for taxpayers to claim TDS refund to get that money back.

TDS Refund Process: At this time, taxpayers must be busy filing their Income Tax Return (ITR). But while filing it, people often ignore the tax deducted at the source of income i.e. TDS (Tax deducted at source). This deduction is made from your income throughout the year and if you have paid more tax than required, then it becomes necessary for taxpayers to claim TDS refund to get that money back.

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What is TDS

The government uses TDS to deduct tax on any source of income you are earning. It is deducted from various sources of your income like salary, interest on fixed deposits (FD), professional fees etc.

TDS refund

If excess tax has been deducted from your source of income, then the process of getting it back is called refund. If the Income Tax Department delays in refunding TDS, then it has to pay you interest at the rate of 6 percent per annum.

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Benefit of TDS refund

The biggest advantage of this is that if you have paid more tax through TDS, then you can get that money back by claiming refund. Also, by claiming refund, your annual tax liability can also be reduced. In this way, you can come in lower tax bracket, which will save you even more money.

Who can claim TDS refund

Individuals whose total income is less than the government’s tax exemption limit for that financial year are eligible to claim a TDS refund. Since they will not owe any tax, they can claim a refund for any TDS deducted from their income.

How to claim TDS refund online (Steps for TDS Refund)

To apply for TDS refund online, first go to the official website of the Income Tax Department. If you are not registered, first go to the portal and register yourself. After that log in to the portal by entering your login ID and password. Select the income tax return form according to your category and file the return. After filling all the necessary information asked in the form, submit it. E-verify the acknowledgement received from there with the help of digital signature, net banking account or one time password (OTP) received through Aadhaar.

Method of verification

1. Visit the official e-filing website of the Income Tax Department.

2. After logging in to the website, go to the ‘e-file’ tab.

3. Select ‘Income Tax Return’ and then ‘View Filed Returns’ from the menu.

4. In ‘View Filed Returns’, you will see a list of all your returns filed so far.

5. Click on ‘C Details’ written next to the assessment year for which you want to check the status.
If your return has been processed and if a refund is due on it, then you will see the ‘Refund Status’ link there. By clicking on that link, you can get information about your refund. On the screen, you will see all the information including the date of filing the return, the date of its processing and the date of issue of refund.

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