It is an initiative of the government to deduct the tax liability at the source in order to minimize tax evasion. The types of payment on which TDS are applied are salary, interest payment of the bank, professional fees, rent, and many others.
The TDS consultant in Delhi helps the deductee to deposit the TDS to the Government and issues the TDS certificate. While filing the Income Tax Return (ITR), the deductee can cut down the TDS amount already paid to the government.
What is the TDS Refund?
In any case, when the tax deduction is more than the liability, you can claim the TDS refund. During the time of tax filing, you can claim the tax relaxation if you have already paid excess TDS.
The process to claim TDS Refund:
For different types of payment, there is a variation of the TDS refund claiming process. It can be done during the filing of yearly ITR.
TDS Refund on Salary:
The deductee has to submit a requited certificate on time for the claiming of the deductions under Section 80C, otherwise, the deductor may deduct the TDS more than the liability. However, you can easily claim the refund with the help of the TDS Consultant in Delhi whiling filing the ITR and provide the bank details to accelerate the refund process.
TDS Return on FD (Fixed Deposit):
In case your income is not included in the taxable income slab yet the bank has deducted the TDS on the fixed deposit, then you can claim the refund. There are two ways to filing the claim. In one way, you can do it in the time of filing the ITR. In another way, you can file the Form 15G and submit it to the bank directly to reduce the TDS.
TDS on FDs of Senior Citizen: As per the government rule, the senior citizens are exempted from TDS on the fixed deposit accounts they have. In case, the bank deducts the TDS from the accounts, then they can get the refund by filing Form 15H and submit it to the bank. Otherwise, you can also claim the refund while filing the ITR.
How to file TDS Refund Online?
The filing of the TDS Return is pretty simple. You can easily do it from the government’s website. You have to download the ITR file and submit it along with a PAN card copy and Form 16. However, there are certain things that you need to make the claim successful.
What do you need before filing the TDS Return claim?
Before you upload the documents, you need the following things:
• You must have a valid TAN.
• Your profile must be registered for e-filing.
• The TDS statements must be prepared following the Return Preparation Utility (RPU) and validated with the File Validation Utility (FVU).
• You have to calculate the TDS with the help of a professional or software.
• You must have a valid DSC registered in case you want to upload it via DSC.
• The PAN card number should be linked with the Adhar card.