Procedure for applying for TDS Refund
There is no specific application form for
applying for TDS Refund. The taxpayer is only required to file his income
tax return and in the income tax return, the taxpayer would be required to show
the computation of his income tax payable and the total TDS which has been
deducted.
- Recommended Read: Procedure for e-filing Income Tax Return online
On furnishing these details, the income tax
software will automatically show that TDS is refundable to the taxpayer and tds
would be refunded to the taxpayer in due course.
- Recommended Read: Income
Tax Software for filing Income Tax Return
After the income tax return has been filed
citing that there is a tds refund, it takes a few months for the income tax
officer to sanction your income tax refund. However, this tds refund is
issued to the taxpayer along with interest @ 6% per annum (Interest would only
be paid if the Refund payable is more than 10% of the total tax payable for
that year)
At the time of issue of refund, intimation under
section 143(1) would also be sent to the taxpayer showing the computation of
the interest paid to him.
- Recommended Read: What is Intimation under Section 143(1)
If the taxpayer is satisfied with the computation
of interest, he need not reply to such intimation. However, in case he is not
satisfied, he should contact his income tax officer.
- Recommended Read: How to locate your Income Tax Officer?
Please Note: The taxpayers are requested to note
that in case they receive any mail stating that their income tax refund has
been approved and ask them for their bank details, the taxpayer should not give
their bank details as such mails are scam mails. The refund would automatically
be awarded to the taxpayer in the bank account number mentioned at the time of
filing income tax return.
- Recommended Read: Beware of Fraud Mails regarding Income Tax Refunds
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