How to Claim and Check TDS Refund Status Online ?
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Posted Date : 10-Sep-2024 , 08:31:30 am | Posted By S.Mahajan
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Tax Deducted at Source (TDS) is a system where tax is deducted from income at the time it is generated, such as salaries, interest, rent, and professional fees. The payer deducts the tax and remits it to the government, ensuring a steady flow of revenue and reducing tax evasion.
If the tax deducted at source (TDS) exceeds your actual tax liability, you can claim a refund by filing an Income Tax Return (ITR). To do this, calculate your total taxable income, compute your tax liability, and file the ITR. During the filing process, you will need to provide your bank account details and IFSC code to facilitate the refund process.
The Income Tax Department does not specify a fixed timeframe for issuing refunds. Generally, if you file your ITR on time, it takes about 1 to 6 months for the refund to be credited to your account. The processing time can vary based on the completion of e-verification. Currently, refunds are typically issued within a month after ITR processing is complete.
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