We will begin by discussing why TDS filing is important. Then we talk about income tax refund and how to find the tds refund status. A stepwise process Getting a refund for income taxes or TDSs follows a step-by-step process. in 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.
Making a claim for a TDS refund and verifying its status:
In accordance with income tax law, any company or individual who pays more than a certain amount must deduct the tax at source. Tax withholding is primarily designed to prevent the recipient of the income from evading taxes.
How Do I Claim My TDS Refund and Verify It’ Status?
Tax deducted at source is mandatory for anyone making a specified payment provided for in the Income Tax Act.
Make a claim for your TDS refund online
There is no complicated process involved in claiming a TDS refund online. Your refund can be successfully claimed by following the steps below.
Step 1: YoLog on to incometaxindiaefiling.gov.in, the income tax department’s website.
Step 2: Complete the registration process on the portal if you haven’t already registered with the tax department.
Step 3: Use your login information to access the authentic portal.
Step 4: Provide the necessary information on the ITR form.
Step 5: Using a digital signature and Aadhaar based OTP or online banking account, verify that the form has been submitted correctly.
Checking TDS Status Using A PAN Card.
Using your PAN card, you can check the status of your TDS refund.
- For more information, please visit the government’s official website: www.tdscpc.gov.in/app/tapn/tdstcscredit.xhtml .
- Select the ‘Proceed’ button after entering the verification code.
- Please enter your tax deduction account number and PAN (Personal Identification Number).
- You can select the financial year, quarter, and type of return for the particular financial year.
- You can select ‘Go’ by clicking the button.
- This page displays the required information.
What is the status of your income tax refund? How can you track it?
Below are some easy steps that will guide you through the process.
- Step 1: Submit the form 16
- Step 2: Ensure that the data is accurate.
- Step 3: Completion of the e-filing process.
- An Income Tax refund can only be obtained after e-filing is complete.
What You Need To Know About TDS Refunds
There may be different terms and phrases when checking your TDS refund status. Although its exact meaning can be challenging to determine, it can be helpful to know what it means. You can count on us for assistance. A list of the different TDS refund statuses is provided below, along with their respective meanings.
- There is no determination:
The tax refund has not yet been processed, which indicates that it has not been processed. For the user’s reference, here are the different ITR-V or ‘Income Tax Refund – Verification’ receipt statuses.
- Form ITR-V is received and being verified; it has been received and is currently being verified.
- Verification of income tax returns has been completed electronically.
- Digital signatures have been used in the filing and verification of this Tax Assessment Year’s E-return.
- No ITR-V has been received by CPC because it has not been e-verified or received by CPC
- Payment of refund
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).
The bank should be contacted if a refund has not been received by users who selected the Direct debit option for TDS.
- Refund / Demand Status does not display the assessment year
As of this date, there has not been a TDS Refund filed for this PAN. That is, the TDS return may have been e-filed after the deadline.
- Refunds are not available if no demand is made
Using income-tax department calculations, the claimant does not qualify for a TDS return. The calculation of TDS details does not match the calculations of the users.
Rectification returns can be filed if errors are found in the return. According to Section 143(1)(a), the IT department makes comparisons and corrects errors.
Insufficient funds to process a refund
The TDS status indicates that the IT department has approved and started the refund procedure, but there is a problem with the bank details.
To check the status of a TDS refund, a claimant must enter their PAN number and assessment year on the Refund Banker’s website.
Refund documents have been sent to the refund banker once the ITR has been processed and refunds have been determined
The claimant’s return has been calculated by the Income Tax department and a refund request has been generated.
Refund bankers have been notified of the TDS refund details, who will proceed with the processing and disbursement.
If your bank details are incorrect, Claimers Refund Banker will send you an error message and provide you with the latest status of the TDS refund. After a few days, you can check the TDS refund status again to see if updates have been made by the refund banker.
- Determined based on demand
You have been rejected for a refund by the Income Tax department when this TDS refund status indicates that. As opposed to requiring claimsants to pay any outstanding taxes, the department asked for a demand.
Information about the reason for the outstanding demand would be provided by the IT department in a notice to the claimant. If the claimant wishes to understand and clarify how the two tax amounts differ, he or she can verify the notice.
- Assessing officer in your jurisdiction should be contacted
There may be some additional information the Income Tax Department needs regarding TDS refund claimants’ income tax returns pertaining to TDS refunds.
It is possible to acquire the relevant information from the AO (also known as the Jurisdictional Assessing Officer) for the region where the application is to be filed.