All You Need to Know to Start a Matrimony Business in India
08 Feb, 2023
Have you ever paid excess tax on TDS that for what you are already liable to? If 'yes' read more to know about to claim your TDS refund online easily. Here is all that you need to know about TDS, TDS refund, and the steps to claim your money.
TDS or Tax Deducted at Source is a means to collect an amount of tax on the income, dividends or asset sales, by requiring the payer to deduct tax before paying the balance to the payee i.e. to the tax revenue authority.
According to the Indian Income Tax Act of 1961, income tax must be deducted at the source as per the provisions stated in the Income Tax Act of 1961. Hence, all payment covered under these provisions shall be paid only after deduction of a prescribed percentage of Income Tax. However, it is managed by the CBDT or Central Board for Direct Taxes which is also a part of the Department of Revenue managed by the Indian Revenue Service.
Following is the list of deductions liable to deduct TDS:
TDS Return is a quarterly statement of the tax to be submitted at the IT department. Every person making the specified payment as per the Act is liable for TDS deduction. However, it is compulsory for every deductor to submit a TDS return on time.
In case there is any discrepancy found between the amount shared by you and the amount calculated by the IT department, your refund claim will be rejected. In either of the cases, you will be notified.
It will take 1 to 4 months to get the refund credited to your bank account.
Visit the portal of Online Legal India™ to know more about TDS returns. Our top-notch CA/CS, who will assist you with the TDS Filling Process online from any corner of India. We are economical and give budgeted services for ones who are willing to start up a company/business or any other kind of organization.