TDS or Tax Deducted at Source is deducted by the employer from the salary of the employee and is hen deposited to the Government of India. In case the employer has deducted more TDS than he/she was supposed to, here is how you can claim refund for the extra that has been deducted.
Eligibility for TDS Refund
If the Tax Deducted at Source or TDS deducted by an employer or bank is found to be higher than the tax liability of the taxpayer after regular assessment, then in that case the taxpayer can claim TDS refund.
As we know TDS is a kind of tax, you can claim refund of your TDS or tax by filing your Income Tax Returns, the last date to file Income Tax Returns is 31st July of every Financial Year.
The Refund Amount
In order to determine the income tax refund that a taxpayer is eligible for, the taxpayer’s actual tax liability will be calculated and the difference between the actual tax liability and the tax paid by the taxpayer will be the refund amount. The Income Tax Department will refund the amount to the taxpayer once the return is filed and the refund is claimed. A taxpayer can calculate his/her actual tax liability by using our Income Tax calculator.