ITR Update: No Taxable Income, Still Tax Deducted! Know how to get a refund?

ITR Update: People often complain that their salary is not taxable, yet their TDS has been deducted, or TDS has been deducted more than the taxable salary. Now how can he get it back? Its method is very easy, let us tell you.

1. How to get a TDS refund if there is a mismatch between salary and TDS

If your company has deducted more TDS than taxable salary, then you should file a TDS return. The Income Tax Department will calculate the total tax on your salary, if this tax is less than the tax deducted by your company, then the remaining tax amount will be refunded to you. If the amount deducted by the company is less and the taxable amount is more, then the IT department will ask you to deposit the outstanding TDS. Remember that while filing the return, you must write the IFSC code of your bank, only then the refund will come into your account.

2. How to get a refund if TDS is deducted on FD

If your salary is not eligible for income tax, or say that there is no tax on your salary, even if your bank deducts tax on your Fixed Deposit (FD) interest, then you will also get this TDS amount back. can. There are two methods for this.

Method No. 1.  Mention this in the IT return. Income Tax Department will calculate your tax liability automatically. If no tax is generated, then this amount will be deposited in your bank account.

Method No. 2.  You fill out Form 15G and submit it to your bank. Tell your bank that my salary is not taxable, so return the deducted TDS.

Also, Read This: How To Save Income Tax this Year Simple and Easy Tips, Know the Details?

3. What to do if you are a senior citizen?

There is no tax to be paid on the interest of the Senior Citizen Fixed Deposit. Still, if you have turned 60 this year, and want the bank not to deduct your TDS, then fill the Form 15H and give it to the bank, so that it can be assured that in the future the bank will not deduct TDS on your FD interest.

4. How to Check TDS Refund Status?

For a TDS refund to come quickly, it is important that you have to fill your ITR on time, because the sooner you file the return, the sooner the refund process will start. If you want to check the status of the TDS refund, then for this you have to

One has to go to the e-filing port  https://www.incometax.gov.in/iec/foportal/  and log in. After that go to the ‘View e-Filed Returns/Forms’ section. Check ITR wise for the assessment year. A separate page will open where the refund status will be shown. Apart from this, you can also know the status by calling the toll-free number 1800-4250-0025 of CPC Bangalore.

5. In how many days TDS refund is received

If you have filed ITR on time, then the refund comes in three to six months.