PAID TOO MUCH TDS ?? HERE IS THE SOLUTION FOR HOW YOU CAN GET IT BACK...

SOLUTION FOR GETTING BACK YOUR HIGHER PAID TDS

This article is all about HOW TO GET BACK YOUR HIGHER PAID TDS...

Here , we are covering some short stories of different employees of xyz companies who paid higher TDS for last financial year's total income and solution for getting back their TDS.

STORY 1

Mr. Sharma's salary cheque for February looks like it has been on a crash diet. The Delhi-based sales manager with a private company was not able to submit the documents of his Section 80C investments on time, so his company deducted an additional Rs 28,000 as TDS. He said - "I had to give the investment proof by 15 February but could not get all the documents together," he regrets. The company took into account only the Rs 30,000 he contributed to the Provident Fund and his child's school fees of Rs 42,000 , but Mr.Sharma could not get deduction for his insurance premiums and the PPF investments. 

Worse, he didn't get any exemption for his house rent allowance. "Initially, my landlord was not willing to give his PAN number in the receipt. It took me almost a week to convince him, which delayed the whole process," says Mr.Sharma. 

STORY 2

Mumbai-based Mr. Khanna is in the same situation as Mr.Sharma, though his problem is a little different. His company also deducted a higher TDS, but it was because Mr. Khanna's tax planning was abandoned midway. 

Are you facing a similar problem? 

If, like Sharma, you were not able to submit your investment proof on time, you can do so before the salary and deductions are computed for March.Your company will adjust the excess TDS and you may be spared further tax deduction in the last month of the financial year.

Similarly, if you have not exhausted your tax-saving limit under Section 80C till now, you can still do so. If you submit the proof before the next salary cycle, any excess TDS deducted from your salary will be adjusted in the salary for March

Getting a refund

Even though you will be able to get the tax adjusted and avoid another hefty TDS in the March salary, many of you may have already paid excess tax. 

The only way you can get it back is by filing your tax returns. The sooner one files the return, the earlier he gets his refund. Now that the CBDT (CENTRAL BOARD OF DIRECT TAXES) has made it mandatory for taxpayers to quote their bank account number and the bank's IFSC code in the tax form, refunds are much quicker. 

"If you are lucky, you get the refund in two to three months, but be prepared to wait for a longer period"

If the tax refund gets delayed due to any reason, the taxpayer is entitled to a 6% interest on the amount. The interest will start accruing from the first month of the assessment year (April 2014 in this case). However, no interest is payable if the refund amount is less than 10% of the tax payable during the year.

So, follow the above process and get back your TDS amount.Give your feedbacks in the comment section.Your views are appreciated.