ITR filing
After the end of the financial year, now the phase of filing Income Tax Return (ITR) is going on. It is very important for both working people and ordinary earning citizens to know that if their Tax Deducted at Source (TDS) i.e. advance tax has been deducted more than the actual tax liability in a year, then how to get it back. The additional tax deducted from bank interest, salary, dividend or any other payment remains safe with the government. You can get it back directly into your bank account by filing ITR correctly.
Under what circumstances is TDS refund available?
As per income tax rules, when the total TDS deducted during the financial year is more than your actual tax liability, you are entitled to a refund. Additionally, if your total annual taxable income is less than the basic tax exemption limit set by the government, yet TDS has been deducted for any reason, you can still claim the entire amount. After completion of ITR processing, the Income Tax Department transfers this additional tax amount directly to your registered bank account through digital medium.
Process to claim additional deducted tax
Claiming tax refund starts with checking Form 26AS. This form is linked to your PAN card. In this, a complete account of every penny deducted in the form of salary, interest, advance tax or self-assessment tax is recorded. While filing ITR, enter your entire income correctly and match it with the TDS figures shown in Form 26AS. If the TDS is more, the tax filing system will automatically decide the refund amount. Keep in mind, after filing the return, it is mandatory to do e-verification through Aadhaar OTP or other available methods, because without this the further process of refund is not started.
How to check your refund status on the portal
Generally, after the completion of the e-verification process of ITR, it may take 4 to 5 weeks for the refund to reach the bank account. However, this time is subject to change depending on individual cases. To know the status of your refund, first login to the Income Tax e-filing portal. After this, go to the ‘e-File’ section and select the option of ‘Income Tax Returns’ and then ‘View Filed Returns’. You will see the status as soon as you select the relevant assessment year and click on ‘View Details’. Here you may see important messages like ‘Refund Issued’, ‘Refund Failed’ or ‘Refund Partially Adjusted’.
Your money may get stuck due to these mistakes
Many times, due to small negligence, the refund amount gets stuck. If your PAN card is not linked to Aadhaar, then the processing of refund is sure to stop. Apart from this, non-pre-validation of bank account, difference in spelling of name in bank details and PAN records, entering wrong IFSC code or closed bank account are also the main reasons for refund failure.
To get back TDS deducted on any income like salary, dividend, bank interest, professional fees, contract payment, commission, brokerage, lottery or online gaming, it is important that you re-check your bank details thoroughly before filing ITR.
