Income Tax Rules: ITR should be filed by all irrespective of whether they fall in the taxable bracket or not, because many times the tax is deducted even if the salary is not taxable or more tax is deducted than what should be deducted.
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 more than the taxable salary. Now how can he get it back? Its method is very easy, let us tell you.
1. How to get TDS refund if there is a mismatch between salary and TDS
If your company has deducted more TDS than taxable salary, then you should file TDS return. The 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 remaining tax amount will be refunded to you. If the amount deducted by the company is less and the taxable amount is more, then the IT department will ask you to deposit the outstanding TDS. Remember that while filing the return, you must write the IFSC code of your bank, only then the refund will come in your account.
2. How to get refund if TDS is deducted on FD
If your salary is not eligible for income tax, or say that no tax is payable on your salary, even if your bank deducts tax on your Fixed Deposit (FD) interest, then you will also get this TDS amount back. can. There are two methods for this.
- Method No. 1. Mention this in the IT return. Income Tax Department will calculate your tax liability automatically. If no tax is generated, then this amount will be deposited in your bank account.
- Method No. 2. You fill Form 15G and submit it to your bank. Tell your bank that my salary is not taxable, so return the deducted TDS.
3. What to do if you are a senior citizen?
There is no tax to be paid on the interest of Senior Citizen Fixed Deposit. Still, if you have turned 60 this year, and want the bank not to deduct your TDS, then fill Form 15H and give it to the bank, so that it can be assured that in future the bank will not deduct TDS on your FD interest.
4. How to Check TDS Refund Status?
For TDS refund to come quickly, it is important that you fill your ITR on time, because the sooner you file the return, the sooner the refund process will start. If you want to check the status of TDS refund, then for this you have to
One has to go to the e-filing port https://www.incometax.gov.in/iec/foportal/ and log in. After that go to ‘View e-Filed Returns/Forms’ section. Check ITR wise for assessment year. A separate page will open where the refund status will be shown. Apart from this, you can also know the status by calling the toll free number 1800-4250-0025 of CPC Bangalore.
5. In how many days TDS refund is received
If you have filed ITR on time, then the refund comes in three to six months.
