TDS

Claim and Verify Status of TDS Refund

This article will start with why tds filing is necessary and mandatory. Then we talk about income tax refund and how to find the tds refund status. A stepwise process follows to claim an income tax or a tds refund. Then we explain how the it department issues the tds refund. With this, we will explain how to verify tds refund status. Then we add the different tds refund status. Post this, we state how to check income tax or tds refund status.

Claim and Verify Status of TDS Refund: Introduction

According to the Income Tax Act, any company or person must deduct tax at the source if the amount paid exceeds a predefined amount by the tax department. The main purpose of TDS is to reduce the chance of tax evasion by the recipient of the income.

Claim and Verify Status of TDS Refund: Who Has To Pay?

Any person making a specified payment mentioned under the Income Tax Act is required to deduct TDS.

Claim TDS Refund Online

Claiming the TDS refund online is a considerably simple process. Following are a few steps you must follow to successfully claim your refund.

  • Step 1: You must Visit the official website of the Income Tax Department at incometaxindiaefiling.gov.in.
  • Step 2: Register on the portal if you are not yet registered with the tax department.
  • Step 3: Log in to the authentic portal using your login details.
  • Step 4: Fill out the ITR form with the required information.
  • Step 5: e-verify the submitted form using the digital signature and Aadhaar based OTP or net banking account.

Checking TDS Status Using A PAN Card.

Here’s how you can check your TDS refund status with the help of your PAN card.

  • Visit the official website of the government: www.tdscpc.gov.in/app/tapn/tdstcscredit.xhtml
  • Enter the verification code.
  • Select the ‘Proceed’ button.
  • Enter the PAN and TAN (Tax Deduction Account Number) details.
  • Select the particular financial year along with the quarter and the type of return.
  • Select the button ‘Go.’
  • The required details are displayed.

How To Track Your Income Tax Refunds And Their Status?

You can do so with a few easy steps as discussed below.

  • Step 1: Upload form 16
  • Step 2: Verify data.
  • Step 3: Finish e-filing.
  • One should finish e-filing to get an Income Tax refund.

Understanding The TDS Refund Status

When checking your TDS refund status, you may see different terms and phrases. However, it can be challenging for you to determine its exact meaning. Let us help you through. Following are the different TDS refund statuses and their respective meanings.

Not determined: 

it Implies that the tax refund is still not processed. Following are different ITR-V or ‘Income Tax Refund – Verification’ Receipt Status for the user reference.

  1. ITR-V Received: The ITR-V form is received and is being successfully verified.
  2. ITR-V e-verified: Income tax return has been e-verified.
  3. E-return for this Assessment Year has been Digitally signed: Income tax return has been filed and verified with the help of the Digital Signature.
  4. ITR-V not received: The ITR-V form is yet to be e-verified or received by CPC

Refund Paid

The TDS Refund Status means that the Income Tax Department has processed the refund and sent it to the user by either paper cheque or direct debit to the prescribed bank Account Number (which has been registered at the time of filing the return).

One can contact the bank in case the user has opted to ‘Direct debit to the bank account’ and still has not received the TDS refund.

The Assessment Year Not Displayed in Refund / Demand Status

This TDS Refund status means that no income tax e-return has been filed yet for the particular PAN. In other words, this implies that the user may have missed the deadline to e-file the TDS return. 

No Demand, No Refund

Suppose the claimer is not eligible for the TDS return as per the calculations of the Income-tax department. This happens when there is a mismatch between users and their TDS details calculations.

If one finds any errors in the return, they can seek correction by filing a rectification return. Comparison and corrections are made under Section 143(1)(a) by the IT department.

Refund Unpaid

This TDS status means the IT department has approved and initiated the refund process, but bank details have an issue.

In such a case, the claimer must visit the Refund Banker’s website and enter your PAN details and assessment year to check the status of the TDS refund.

ITR Processed Refund has been Determined and Sent Out to Refund Banker

This online TDS refund status implies that the Income Tax department has completed the process of calculating the claimer’s return and generated a Refund request.

The details of the TDS refund have been forwarded to the claimants’ refund banker for further processing and disbursal.

The Claimers Refund Banker service will provide the latest status of the TDS refund, such as speed post tracking and error messages if you have provided incorrect bank details. You can recheck the TDS refund status after a few days for any updates from the refund banker.

Demand Determined

The meaning of this TDS refund status is that the Income Tax department has rejected your request for a refund. Instead, the department had asked for a demand for outstanding taxes that the claimants needed to pay.

The claimer would receive a notice from the IT department containing information about the reason and the exact amount of outstanding demand. The claimer can verify the notice to understand and clarify the reason behind the difference between the two tax amounts.

Contact Jurisdictional Assessing Officer 

This TDS refund status implies that the Income Tax department requires some additional information related to TDS return claimers’ income-tax returns.

One can contact the AO (also known as the Jurisdictional Assessing Officer) for the particular region to provide the required details.

Do These Queries Bother You?

In our experience, people are often concerned about some of the basic facts with respect to filing a TDS return. Here are the answers to some of the most typical doubts

Who can file a TDS return?

Answer: TDS returns can be filed by employers or organisations with a valid Tax Collection and Deduction Account Number (TAN). All the people making specified payments mentioned under the I-T Act are required to deduct tax at source and need to deposit within the stipulated time.

Do you need a PAN to file a TDS return?

Answer: PAN is a necessary document to pay TDS and file the returns.

What does ITR-V e-verified means?

Answer: It is one of the TDS return statuses which implies the Income-tax return has been e-verified

Bottom Line

We hope that the information discussed above satisfies your concerns regarding the filing of TDS returns. However, navigating the peculiarities might make you feel overwhelmed at some point. You may, however, explore our platform to ease the process. Whether you’re a small scale business or a large-scale enterprise, we at Vakilsearch can guide you in understanding and navigating the legal landscape concerning your business.

We aim to provide you with quick services, catering to your legal and professional requirements. Contact us for more details.

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