Hi Buddy,
You must be wondering, how to get refund of TDS deducted by bank? Let me assist you with the same. When the paid tax amount exceeds the actual tax liability, it results in a TDS refund. Many times, it is seen that actual investments made at the end of a fiscal year do not match the investment predictions established at the beginning of that year.
Want to know about the best way to pay utility bills? NoBroker gives cashback on paying the bills, give it a try. Calculate your EMI on a home loan with the help of the NoBroker EMI calculator.A TDS refund occurs when there is an inconsistency between the amount tax deducted at the end of a financial year and the income tax you are required to pay for that specific year.
How to get refund of TDS deducted by bank on fixed deposit?
You have two options for getting your money back if your bank has deducted taxes from the interest on your fixed deposit despite the fact that your income does not fall inside the tax bracket.
The income tax department will compute the refund and automatically credit it to your bank account after you disclose it on your IT return form.
The alternative method is to complete Form 15G and hand it into your bank, explaining that your pay is below the tax threshold and that no tax should be applied to it.
How to claim TDS deducted by bank?
The steps listed below can be used to request your TDS refund:
File your income tax returns if your employer withheld more money than your actual tax obligation under the TDS heading.
Enter your bank's name, account number, and IFSC in the appropriate sections.
It normally takes the income tax officer a few months to process your returns and approve the refund once the tax return is filed mentioning the TDS refund.
I would like to conclude here about how to get refund of TDS deducted by bank. I hope this helps:)
Read More:
How to Check TDS Refund Status? How long does it take to get TDS refund? When TDS amount will be refunded?Your Feedback Matters! How was this Answer?
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Authors Of The Question
How to Get Refund of TDS Deducted by Bank?
Pratik
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1 Answers
2 Year
2022-09-07T18:09:33+00:00 2022-09-07T18:09:34+00:00Comment
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