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How to Claim TDS Refund for Excess TDS Deduction

  • 1st Oct 2019
  • 777
How to Claim TDS Refund for Excess TDS Deduction

Tax Deducted at Source (TDS) is the tax, which is deducted from the salary of an individual before the amount is credited to his account. The deduction is done by the deductor and it is deducted every month by employers.

What is TDS refund?

Individuals who have made financial declarations at the start of the year, which are less than the proof of investment submitted at the end of the year, will be eligible for a TDS refund. If the projected investments declared at the beginning of the year are less than the actual investment made at the end of the year, a situation for a refund will arise. The sooner you file the income tax return, the earlier you can get the TDS refund.

Steps for filing the TDS return claim

You need to file a TDS refund claim when the employer has deducted more tax than the actual liability. You can claim the difference amount by filing an income tax return. You will have to provide the bank account number, name of the bank, and Indian Financial System Code (IFSC) details for successful processing. If you know that the TDS is payable in any financial year, you need to file Form 13 under Section 197 to avail of a benefit of a lower income tax deduction.

You need to know how to claim TDS refund in case of a deduction by the bank. If the income tax is less but the bank has deducted more tax on your fixed deposit, you can claim a refund in two ways. One way is to declare the income and the I.T. department will refund the amount in the bank account. The other way is to file Form 15G with the bank so that here is no deduction at source since your salary does not fall under any tax slab. Senior citizens are exempted to pay TDS from interest on fixed deposits.

How to apply for the TDS rebate or Income Tax Return (ITR)

The TDS refund process is very simple. You just need to visit the income tax portal and login to download the relevant form for an income tax refund. Enter all the particulars and submit the form. If the employer has deducted tax when you are not eligible for it, you can claim the amount by filing income tax returns (ITR).The department will review the taxable amount and you will receive the amount directly in your bank account.

Steps for raising a complaint about the delay in receiving ITR

If you have not received the refund even after you applied for ITR, you need to get in touch with the officer to file a dispute. Provide all the information and details. If there is no response, you can contact the Income Tax Ombudsman with your PAN, Form 16, bank statement, TDS certificate issued by the bank, and documents that show earnings and investment.

Now that you are aware of the TDS refund procedure, you can go ahead and claim your rebate.

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