TDS Deducted from Your Income? Here's How to Claim a Refund While Filing ITR Online

Before an individual's income is being deposited to a person's account, tax is withheld at the source (TDS) from his or her salary.

Individuals can claim their TDS refund for any excess TDS in case they failed to provide their employer with the right investment declarations.

Additionally, the government must issue a refund in case the TDS is larger than your overall tax liability for the financial year.

What Is A TDS Refund?

While TDS stands for Tax Deducted at Source, a refund arises when the tax paid is more than what the person was liable to pay.

The only way to find out if you are eligible for a TDS refund is by filing your Income Tax Returns.

When Can You Claim A TDS Refund?

Once you file your income tax return (ITR), you can compute your taxable earnings and get a refund if you have paid excess tax.

You need to include your bank's name and IFSC number in order to claim TDS refund.

How to claim TDS refund?

You can follow these steps to claim a TDS refund:

Step-1: File your income tax returns wherever there is extra tax paid under the TDS head.

Step-2: Fill in the required bank account details.

Step-3: After the returns have been filed, wait for a few months.

Step-4: Your returns will be processed by the officials and your refund will be initiated.

How to claim TDS refund online?

• You need to first register on the IT department's website before you can submit your TDS online.
• After registering, you can download the appropriate ITR form to file your income tax return if you wish to know how to claim TDS refund online.
• Enter the necessary information in the ITR form, upload the form, and press “submit.”\
• Once you have learned how to claim TDS in income tax return, you must e-verify the ITR acknowledgment that is produced once the ITR is filed.
• However, if you were unable to e-verify the ITR, you can still complete the verification by providing a physically signed copy of the document to the IT division.

Also Read: SBI Sets Stage for Historic Rs 25,000 QIP: What It Means For Investor