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TDS Refund under Income Tax Act

What is TDS?

Tax Deducted at Source, is tax which is deducted from the income at the time of earning the income. As per the Income Tax Act, any company or person making a payment is responsible to deduct TDS and depositing the same to the Income Tax Department.

What is TDS Refund?

TDS refund arises when the TDS or advance tax deducted from your income is higher than the actual tax liability.

TDS refund can be claimed when you fall below the minimum taxable limit and yet TDS has been deducted. 

TDS refund is calculated after considering all the deductions and exemptions applicable, after processing of Income Tax Return, and refunded to you. To claim TDS refund, you will be required to file your ITR.

It takes approximately 3 to 6 months for the refund to be credited in your bank account.

How to claim TDS Refund?

To claim your TDS refund you must provide written proof of about Income and deduction details to the Income Tax department, by filing your Income Tax Return.

You can claim your TDS refund by following the steps mentioned below:

STEP 1: File your income tax returns in the case where your employer has deducted extra amount over your actual tax liability under the head of TDS.

STEP 2: During the ITR filing process, you will be prompted to provide your bank name and IFSC code.

STEP 3: Once the tax return is filed pointing out the TDS refund, it usually takes a few months for the income tax officer to process your returns and sanction the refund.

How to claim TDS Refund online?

You can claim your TDS refund Online by following the steps mentioned below:

STEP 1: To file your TDS online, you have to first register yourself on the IT department’s website: https://incometaxindiaefiling.gov.in.

STEP 2:  If you are not already registered, register yourself on the portal.

STEP 3: Register or login on the portal.

STEP 4: Download the relevant ITR form, fill the required details, upload, and submit the form.

STEP 5:  e-verify the submitted form using your digital signature, an Aadhaar-based OTP or your net banking account.

For more details contact out team at +91-7991109093 or drop email us at [email protected]

Note: This Post was last updated on January 22, 2021

Disclaimer: The entire contents of this document have been prepared on the basis of relevant provisions and as per the information existing at the time of the preparation i.e. January 22, 2021. Although care has been taken to ensure the accuracy, completeness and reliability of the information provided, We assume no responsibility therefore. Users of this information are expected to refer to the relevant existing provisions of applicable Laws. The user of the information agrees that the information is not a professional advice and is subject to change without notice. We assume no responsibility for the consequences of use of such information. IN NO EVENT SHALL WE SHALL BE LIABLE FOR ANY DIRECT, INDIRECT, SPECIAL OR INCIDENTAL DAMAGE RESULTING FROM, ARISING OUT OF OR IN CONNECTION WITH THE USE OF THE INFORMATION.

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