ITR filing for TDS Refund
Gather TDS Certificates:
Collect the TDS certificates (Form 16 for salary income or Form 16A for non-salary income) from the deductor(s) who deducted the tax. These certificates contain details of the TDS deducted and deposited with the income tax department.
Calculate Total Income:
Determine your total income from all sources, including salary, interest income, rental income, and any other income. Ensure that you include all income on which TDS has been deducted.
Verify TDS Details:
Cross-verify the TDS details mentioned in the TDS certificates with your own records. Ensure that the TDS deducted matches the amounts mentioned in the certificates.
File the ITR:
Fill in the ITR form applicable to you based on your income sources, residential status, and other criteria. Provide accurate details of your income, deductions, and TDS in the relevant sections of the ITR form.
Claim TDS Refund:
While filing the ITR, claim the TDS refund by entering the details of TDS deducted in the appropriate section of the ITR form. The refund amount will be calculated based on the excess TDS deducted compared to your tax liability.
Bank Account Details:
Make sure to provide accurate bank account details, including the account number and IFSC code, for receiving the TDS refund directly into your bank account through electronic clearing.
Validate and Submit ITR:
Validate the filled ITR form and generate the XML file. Upload the XML file on the income tax department’s e-filing portal and submit the ITR. You can choose to electronically verify the ITR using methods such as Aadhaar OTP or digital signature, or you can send the signed physical copy of the ITR-V to the CPC (Centralized Processing Centre) within the specified timeframe.
Track Refund Status:
After filing the ITR, you can track the status of your ITR for TDS refund by logging in to the income tax department’s e-filing portal. The refund status will be updated as and when the processing of your return progresses.
It’s important to note that the refund process may take some time, and the actual refund will be issue by the income tax department after processing your ITR. If there are any discrepancies or issues, the income tax department may contact you for clarification or verification.
For specific and up-to-date guidance on filing an ITR for TDS refund, it’s advisable to refer to the latest guidelines issue by the income tax department or consult a tax professional.
More information visit this site: https://www.incometax.gov.in
