If TDS is deducted more than the tax liability, then you can claim refund by filing ITR. In ITR filing, you have to provide the name of the bank and its IFSC code. By giving both these information, the Income Tax Department will give you a quick and easy refund.
The Income Tax Department has so far issued tax refunds worth Rs 1.50 lakh crore in the current financial year. The department gave this information on Wednesday. Out of this, 1.1 crore refunds worth Rs 21,323.55 crore were issued for the assessment year 2021-22. If you had filed your Income Tax Return and till now you are waiting for your refund, then we are giving those reasons.
Earlier, the department tweeted that the Central Board of Direct Taxes (CBDT) has issued refunds of Rs 1,50,407 crore to 1.48 crore taxpayers from April 1, 2021 to January 3, 2022. The department said that Rs 51,194 crore deposited income tax has been refunded in 1.46 crore cases, while corporate tax of Rs 99,213 crore has been refunded in 2.19 lakh cases.
The Income Tax Department said in a tweet that for the assessment year 2021-22, so far more than 4 crore people have filed their Income Tax Returns. If you haven’t filed your return yet, file it now.
How to claim TDS refund – If TDS is deducted more than the tax liability, then you can claim refund by filing ITR. In ITR filing, you have to provide the name of the bank and its IFSC code. By giving both these information, the Income Tax Department will give you a quick and easy refund. If you do not have taxable income then you have to apply for lower or nil TDS certificate. You can do this work by filling Form 13 under section 197.
You have to submit this form to the TDS deductor. If you are not earning from the interest of the banks, then you will have to give this information under the 15G form. ITR refund is credited to your bank account within 3-6 months of filing ITR. The tax department takes so much time because it has to do e-verification.
How to Check Your Refund Status
>> First of all go to the new website of Income Tax Department (ITR) http://www.incometax.gov.in .
>> Enter your User ID and Password there.
>> After logging in, you will see the option of e-filing.
>> Now you select Income Tax Returns.
>> After that click on View File Return.
>> After which the details of your ITR will be visible in front.
