How to Get Online TDS Refund Faster?

28 March 2024

1,159 4 mins read

Learn all about TDS refund right away, get instructions on how to apply for it online.

An Online TDS refund is generated when the amount of tax withheld is more than the taxpayer’s actual tax burden. It is common practice to discover, at the end of a given fiscal year, that the projections regarding investments made at the beginning of that year do not correspond with the actual assets made throughout that year. TDS refunds are issued when there is a disparity between the amount of tax deducted in its entirety after a fiscal year and the amount of income tax expected to be paid for that particular year.

Table of Contents

Online Tds Refund: What Is The Procedure?

To successfully file an online claim for your TDS refund, you will need to complete the steps that are outlined below:

Step 1: You first need to go to the Income Tax Department’s official website, which you can find at incometaxindiaefiling.gov.in.

Step 2: Register on the portal if you haven’t already done so

Step 3: Access the portal by entering your login credentials when prompted

Step 4: Step four is to determine whether the form of the ITR applies to you and then file the ITR

Step 5: The fifth step is to provide the information requested on the form and then submit the form

Step 6: Using your digital signature and either your Aadhaar-based one-time password or your online banking account, e-verify the form that has been uploaded.

How to Accelerate The Rate At Which Tax Refund is Processed

While preparing their annual income tax return, taxpayers should keep the following tips in mind, as doing so can facilitate the quicker processing of tax refunds.

Remember: A Credit For The Refund Must Be Sought And Applied To A Functioning Bank Account.

The Income Tax Return (ITR) form can request a credit to numerous bank accounts should a refund be issued. After the return has been processed, the CPC will decide which accounts the refund should be credited to. It is strongly recommended that just one bank account be chosen to credit refunds. In addition, you need to check to ensure that this bank account is still in use.

Verify Your Bank Account So Your Refund Can Be Deposited Directly Into It.

The Income Tax Department has stated that beginning in March 2019, only electronic refunds will be granted, which is a change from previous years when refunds of more than ₹50,000 were issued in the form of a cheque. Your bank account will need to be pre-validated to proceed, and you can do so by following the steps listed below:

Obtain a login and password for the “e-Filing” Portal.
Go to your profile settings and make sure your bank account is pre-validated.
The pre-validation form will be shown if there is no existing account.
Enter the “Bank Account Number,” the “Account Type,” the “IFSC,” the “Mobile # Number,” and the “email ID,” then click the “Pre-validate” button. Providing your email address is voluntary; if you do so, it will be verified with the bank.

# The email address associated with the e-Filing account will get an update regarding the request’s status.

In situations in which a tax refund is anticipated, it is critical to make sure that the pre-validation process is finished in its entirety.

Things to Keep in Mind While Preparing Your Tax Return

The government offers pre-filled income tax returns (ITRs), on which all relevant information, including salary and interest earned on fixed deposits or NRO savings bank details, is reflected. As a result, it is essential to ensure that none of these are overlooked by accident. It is also helpful to go back and look at the credits on the bank statements to ensure that nothing was missed. Inconsistencies may cause the CPC to send out notifications, necessitating proper online responses and delaying refund processing.

How to Apply for Your TDS Refund?

If you follow the processes that are listed below, you will be able to get your TDS refund:

Step 1: File your income tax returns if your employer has withheld an amount from your paycheck greater than your actual tax liability under the TDS heading.

Step 2: In the second step, you will need to provide the essential information, including your bank’s name, bank account number, and IFSC code.

Step 3: After the tax return mentioning the TDS refund has been submitted, it typically takes a few months for the income tax officer to process the returns and authorise the refund.

Make The Switch To Electronic Verification Of The ITR

After the tax return has been electronically filed, the taxpayer has a period of 120 days during which they can deliver a signed physical copy of the ITRV to the CPC. This allows for sufficient time for the verification process. This also means that the CPC will wait to process the tax return until the verification has been completed. E-verification may be implemented using any of the following choices to facilitate the processing of tax returns in a more practical manner:

# OTP for Aadhaar

# After logging in to e-filing via Net Banking, enter the Electronic Verification Code; have a pre-validated bank account and Demat Account data.

# Certificate of Digital Signature

Check For Refund By Logging Into The Online Tax System

You will get an email with an intimation under Section 143(1) once the tax department has finished processing the submitted ITR. A warning will be sent to the taxpayer if the department needs additional information or if your case is taken up for tax auditing. It is crucial to check these out and the refund status, which one can do by signing on to the website for income tax e-filing and clicking on the Refund/Demand Status button located under the “My Account” section of the menu bar. To check the status of your refund, all you need is your Personal Identification Number (PAN) and the assessment year.

Conclusion

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