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Income Tax efiling in India for FY 2023-24 (AY 2024-25)

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TDS Return - How to claim a TDS return

Source Taxes (TDS) is the amount deducted from a taxpayer's income such as income, interest from bank accounts, rent etc. If the collected TDS exceeds the government debt, you can get a TDS Refund. Let us examine this concept in more detail.

What is a TDS refund?

Reimbursement for TDS occurs when taxes paid in the TDS manner are greater than the actual tax payable calculated in the Financial Year. It is calculated after adding the revenue earned from the various sources. You know that all of us, as taxpayers, are divided into different kinds of taxes. Say, you have an FD and earn some income from it. Banks charge a basic TDS 10% of the interest earned. Now, if you are a 5% tax broker, you can claim a TDS refund for an additional deduction. Similarly, you may also claim a TDS refund for excess TDS deductions deducted for not providing proof of 80C investment or rental rental rental receipts. When you file your tax return, you will pool all your income from various sources, get tax credit, and deduct the TDS used in your income. If TDS exceeds your taxable debt for the financial year, it means that the refund must come from the government.

Frequently asked questions

If the IT department is late in paying you the TDS refund as they should, they should pay you a simple interest rate of 6%. This provision comes under Section 244A of the Income Tax Act. This interest accrues from the first month of the Examination year when the ITR is completed by the deadline and from the date of the return of the refund in any other case. Note that if the TDS refund amount is less than 10% of the income tax payable, the IT Department should not pay this interest. In addition, interest, if any, earned on liability under ‘other sources’ income.
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