Income Tax efiling in India for FY 2023-24 (AY 2024-25)
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File ITR Now Hire eCA NowTDS Return - How to claim a TDS return
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.
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