Income tax return: What is TDS refund? All details and guide to claim it
Only 10 days are left for July 31, which means the last day to file income tax returns for the financial year 2021-2022. Many a times the situation of excess tax deducted at source (TDS) arises for taxpayers when there is an imbalance between total tax debited and the amount one is supposed to pay for that particular fiscal.
Notably, TDS is deducted from one’s salary, rent received and other such income sources.
The refund need comes when the tax amount deducted is higher than the actual tax liability. However, there is no need to worry as this excess deducted amount can be refunded.
Here’s the offline process:
Step 1: Fill the income tax returns, and while doing so, mention the deduction.
Step 2: Enter the required information in the fields with the name of the bank, account number, and the IFSC.
Step 3: Once the tax return is filed highlighting the TDS refund, the IT department will first verify the same and then refund the excess amount in one’s provided bank account.
Here’s the online process:
Step 1: Go to the official website of the IT department.
Step 2: Login using correct credentials. If not registered, then one needs to register first.
Step 3: Find the relevant ITR form and file the income tax returns.
Step 4: Fill in the details mentioned in the form and submit it.
Step 5: Then, one needs to e-verify the submitted form using his or her digital signature and Aadhaar based one-time password (OTP) or netbanking account.