How to get refund of excess deducted TDS?
My this blog is related to tell you about How to get refund of excess deducted TDS (Tax Deducted at Source) ?
People often complain that their salary is not taxable yet their TDS has been deducted, or more TDS has been deducted than the taxable salary. Now how do they get it back. The method is very simple, all you have to do is to follow the method given below:
If there is mismatch in Salary and TDS:
- If your company has deducted more TDS than taxable salary, you file a Income Tax 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 rest of the tax amount will be refunded to you.
- If the amount deducted from the company is less and the payable taxable is more then the IT department will ask you to deposit the outstanding TDS.
- Remember that you have to write the name of your bank IFSC code while filing the return, then the refund will come in your account.
If TDS is deducted on Fixed Deposit (FD):
If your salary is not eligible for income tax, or no tax is levied on your salary, even if your bank deducts tax on the interest on your fixed deposit (FD), you will also get back this amount of TDS.
There are two ways to do this:
Method No. 1: File your ITR and then the Income Tax Department will automatically calculate your tax liability. If no tax is accrued, this amount will be credited to your bank account.
Method No. 2 : You fill up Form 15G and deposit it in your bank. Tell your bank that my salary is not taxable, so refund the deducted TDS.
What to do if you are a senior citizen?
No tax is payable on interest on fixed deposits of senior citizens. However, if you have turned 60 this year, and do not want the bank to deduct your TDS, fill up Form 15H and submit it to the bank, to assure that the bank will not deduct TDS on your FD interest from now on.
How to check the status of TDS refund?
If the TDS refund arrives early, it is important that you file your ITR on time, because the sooner you file the return, the sooner the refund process will start. If you want to see the status of TDS refund then you need to :
- Go to e-filing port https://incometaxindiaefiling.gov.in/ and log in. Then go to the 'View e-Filed Returns / Forms' section.
- Check ITR according to assessment year.
- A separate page will open showing the status of the refund.
- Apart from this you can also know the status by calling CPC Bangalore toll free number 1800-4250-0025
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