Income tax return: What is TDS refund? All details and step-by-step guide to claim it

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.

Published on: Jul 21, 2022, 22:07:20 IST

By HT News Desk, New Delhi

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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.

One can claim the TDS refund via an offline as well as online process. (iStock Photo)

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.

ABOUT THE AUTHOR
HT News Desk
Follow the latest breaking news, major developments and agenda-setting stories from India and around the world with the newsdesk at Hindustan Times. Operating round the clock, the desk brings together experienced editors, reporters and correspondents to deliver fast, accurate and contextual reporting across subjects that influence public policy, governance, business, society and international affairs. The HT News Desk covers politics, elections, government policies, the economy, business and markets, science and technology, the environment, law and order, infrastructure, education, climate issues and geopolitics, while closely tracking developments across states, institutions and global capitals. The team also leads coverage of major breaking news events, policy announcements, court proceedings, natural disasters, public emergencies and significant international developments. Reports published by the newsdesk are based on information gathered from reporters on the ground, official statements, government agencies, court records, regulatory filings, recognised institutions and other authoritative sources. Stories undergo editorial scrutiny and verification processes to ensure accuracy, fairness and relevance, and are updated as events evolve and additional information becomes available. Whether covering a key political decision in New Delhi, an economic policy shift affecting millions, a landmark court ruling or a major global event, the HT News Desk aims to provide readers with reliable, fact-based journalism that delivers not only the latest developments but also the context and analysis needed to understand their wider implications.Read More

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