Life Insurance - Kotak Life Insurance Company in India
Close
Close

Buy a Life Insurance Plan in a few clicks

Now you can buy life insurance plan online.

Kotak e-Term Plan

Protect Your family’s financial future with Kotak e-Term Plan. Know more

Kotak Assured Savings Plan

A plan that offer guaranteed returns and financial protection for your family. Know more

Kotak Guaranteed Savings Plan

A plan that offers long term savings and insurance in one premium. Know more

Kotak e-Invest

Insurance and investment in one plan with Kotak e-Invest. Know more

Close

Get a Call

Enter your contact details below and we will get in touch with you at the earliest.

  • Select your Query

Thank you

Our representative will get in touch with you at the earliest.

What is TDS Refund Process?

Know how to file TDS refund online and the steps involved while processing a TDS refund claim.

  • Jan 31, 2022
  • 1,250 Views

According to the Income Tax Act rules in our country, all Indian nationals earning more than a certain amount of money must pay their share of taxes as per the tax slab rates pre-defined by the government. Although the employer deducts an amount called the Tax Deducted at Source or TDS before the salary is deposited to the employee’s bank, there are TDS exemption and refund options are available when you file your income tax returns (ITR) for the fiscal year to help taxpayers deal with discrepancies

If you have all of the relevant paperwork, the TDS refund procedure is simple and quick. Moreover, owing to the advancements in digital technologies and the widespread use of the Internet, you can now readily track your TDS refund details and status even at the comfort of your living room.

Understand What is TDS Refund

The advent of digitization has made it easier to claim TDS refund online. But before understanding the entire process of claiming the refund, it is important to understand when and why would you require to claim a TDS refund.

On several occasions, investment estimates made at the beginning of a fiscal year don’t represent the actual investments achieved towards the end of that fiscal year. Hence, whenever the tax amount collected exceeds the actual tax due, you are eligible to claim a TDS refund. A TDS refund can be claimed and filed for when there is a discrepancy between both the amount tax deducted at the end of a fiscal year and the income tax you are required to pay for that year.

Types of TDS Refunds

  • Discrepancy Between Tax Slab & Fixed Deposits

If your salary is not under the tax bracket and your bank has collected tax on your fixed deposit income, you can claim a TDS refund both online and offline. You can claim this refund when you file an IT return or fill out Form 15.

  • Tax Paid is Greater Than Tax Slab

Once you submit your income tax return, you can correct any discrepancies between both the tax deducted by your company and the actual tax due. When filing your income tax return, you must provide the name of your bank as well as the IFSC number.

  • Senior Citizens & Fixed Deposits

Tax deductions on the interest received on fixed deposits are not available to senior citizens. If you are over 60 years of age and have fixed deposit accounts, you must fill out and send Form 15H to guarantee that your bank does not withhold income tax on your FD interest.

Learn How To File TDS Refund

The procedure for requesting a TDS refund is straightforward. If your company has deducted more than your actual tax burden, you can request for a TDS refund by following these steps:

  • Step 1

Sign up or log in to the Income Tax Department’s e-filing portal at https://www.incometax.gov.in/iec/foportal/. 

  • Step 2

To validate your refund, lodge your ITR online using the relevant forms and verify your TDS by selecting the ‘Taxes Paid and Verification” option.

  • Step 3

Following successful verification, the online system will automatically analyze your information from the form you provided and determine any income tax paid as well as the TDS return you are due (if any), and you will be eligible to claim TDS refund online.

In the TDS refund form, the payback sum will appear in the ‘Refund’ row. The reflected total is merely a rough estimate and will not be repaid as the final assessment amount. Once the IT Department has processed your case, the real TDS refund will be determined.

To summarise, TDS benefits are not restricted to government and development work for the country; they also include some significant benefits for you in the case of a TDS difference for a refund process, as well as various tax exemptions.

Download Brochure

Features

  • Increasing Life Cover*
  • Guaranteed^ Maturity Benefits
  • Enhanced Protection Through Riders
  • Tax Benefits
  • Dual Benefits: Guaranteed^Maturity + Death benefits

Ref. No. KLI/22-23/E-BB/999

T&C

Download Brochure

Features

  • Enhanced Protection Through Riders
  • Life Cover
  • Tax Savings
  • Multiple Premium Payment Terms
  • Guaranteed @ Loyalty Addion
  • Accrued Guaranteed @ Additions

Ref. No. KLI/22-23/E-BB/490

T&C

- A Consumer Education Initiative series by Kotak Life

Similar Articles

Tax Benefits of ULIP Plans Available for NRIs

धारा 80डी आयकर अधिनियम, 1961

What is EEE in income tax? 5 tax-free investment options to become crorepat

How to e-Verify your Income Tax Return

How to Get Form 16?

Highlights of the Union Budget 2023-24

Tax Season is Coming- Know How to Save Tax

What is Tax Deduction at Source (TDS)?

Tax Saving Options for Salaried Employees

Difference Between Guaranteed and Assured Returns

How Much Money This Budget 2019 Can Help You Save

Best Savings plan for the middle class in India

Impact of GST on Life Insurance in India

How to Save Tax on Salary Arrears?

सुकन्या समृद्धि योजना (SSY) के कर लाभ क्या हैं?

How to View 26AS and Download Form 26AS Online

Everything You Need to Know About Tax Benefits of National Pension Scheme (NPS)

52 Weeks Savings Plan: Daily Savings Plans for a Better Tomorrow

Tax Deductions You MUST Know

भारत में महिलाओं के लिए सरकारी योजना

How to Save Income Tax with Insurance

How to e file ITR on Income Tax Government Portal

Easy ways to make personal savings plans

Tax Saving Tips: Best Ways to Save Income Tax for 2021

Section 80G of the Income Tax Act

How much gold can you keep at home? Limits and income tax rules explained

How to File Form 10E for Tax Relief on Salary Arrears?

Tax Benefit of Investing in Term Plan

Income Tax Slabs and Rates in India for FY 2021-22/AY 2022-23

How to Check Income Tax Refund Status Online in India

Tax-Savings Investments and Options in India

What is the TDS Rate on Salary?

Why is Form 16 Important?

Section 80D - Medical and Health Insurance Tax Benefits Under Section 80D

What is ITR 5 Form and How to File ITR 5?

How To Save Tax Better with 80C

Section 80E: Tax Exemption on Interest on Education Loan

What is Section 10D of the Income Tax Act?

E-Filing of Income Tax Returns in India

Tax-Free Income in India

Section 44AD of Income Tax Act for AY 2021-22

Difference Between Guaranteed Savings Plan and Guaranteed Income Plan

How to create wealth through a savings plan?

आयकर रिटर्न (आईटीआर) फॉर्म के प्रकार

TDS Due Dates of FY 2022-23 For Return Filing

Home Investment Plan to Buy Dream Home

Financial Benefits and Government Schemes Every Woman in India Should Know

How to create a savings plan and make good investment choices

What are the Different Types of Taxes in India?

How to File TDS Return?

What are Direct Taxes? How to Avoid being Overtaxed?

How To Save Tax Using Life Insurance?

Complete Savings Plan for Low Income Earners

Tax Planning and Tax Benefits of Life Insurance

Excess TDS Deduction – Claim TDS Refund

What is Form 16A?

Financial Planning and Best investment options for Housewives

All about TDS Payment Online & Due Dates

LTC Cash Voucher Scheme October 2020 – Everything You Need to Know

Tax Structure in India

All you need to know About Tax on Inheritance

9 Unusual Investments you Didn't Know for Saving Taxes in India

Have You Considered Term Insurance a Part of Your Tax Planning?

Sub-sections Under Section 80C of the Income Tax Act, 1961

How to Download Form 16?

Tax Saving Options other than Section 80C

What are Deferred Savings Plans?

When Should TDS be Deducted and Who is Liable to Deduct it?

How to save tax for salaried person?

List of Important Income Tax FAQs

Can You Get Term Insurance Without Income Proof?

Income Tax Filing Using Multiple Form 16

5 Popular Tax-Saving Schemes in India

How to Check Income Tax Refund Status Online in India

Tips to plan your savings in 2022

Interest Imposed Under Sections 234A, 234B and 234C

Who Should Invest In Savings Plan

A Complete Guide for Filing ITR 3 Form

Section 16 of the Income Tax Act (ITA), 1961

ITR 1: Sahaj Form

TDS rules on the sale of jointly owned property

What is Form 26AS - All You Need To Know

Do Beneficiaries Pay Taxes on Life Insurance?

8 Things to Help You Select a Savings Investment plan

Things to Do After Filing Income Tax Returns

What is a savings plan?

धारा 80सी आयकर अधिनियम, 1961

How can NRIs prevent double taxation in India?

What is the Difference Direct Tax and Indirect Tax

Types of Riders in Insurance Policy

How Do Assured Savings Plans Work and Why You Should Consider One?

Importance of Savings Plan You Need to Know

Should you prefer a Guaranteed Savings plan over monthly income schemes?

Why Tax Planning Should Be an All-year Round Activity

How To Invest In Guaranteed Return Plans For Higher Returns And Financial Security?

What is TDS Slab?

Income Tax Filing For NRI in India

What is the difference between TDS and TCS?

Investment Proofs You Need Submit To Lower TDS Cut From Your Salary

ITR-6: Guide to filing ITR-6 Form online

Income Tax Benefits for Doctors

What is Section 195 of the Income Tax Act? TDS on Non-Residents of India

All about TDS on Salary under Section 192 – Kotak Life

Problems People Face with Tax Returns after a Job Change

How Should I Allocate A Monthly Savings Plan For Long-Term Benefits?

Income Tax Deductions for Disabled Persons Under Section 80U

What is HRA (House Rent Allowance) and How is HRA Exemption Calculated?

Received an Income Tax Notice? Your Guide to Understanding Intimations under Section 143 (1)

How can I get Form 16B from traces?

आयकर स्लैब 2021-2022

Income Tax Deductions & Exemptions under Sections 80C, 80D & 80DDB for FY 2021-22 & 2022-23

How to File Form 16 for Salaried Employees?

How to file Form 16 online?

What is Rule 132 of Income Tax? How Does it Affect You?

What is Section 80CCC of the Income Tax Act 1961

How to File ITR Online

Money Saving Tips for Single Women

What is ITR & How to File Income Tax Return?

What Investment Options Come with Tax Incentives?

What Is Advance Tax and How Is It Calculated?

A Guide to Life Insurance Policy’s Tax Benefits and Taxability

Tax Saving for Self Employed in India

Guide for Tax Calculation on your Salary

Personal Finance - Meaning, Importance, and Tips for Personal Finance

Guaranteed Return Plans-Why is it a must for you?

9 Income Tax Myths That Could Cost You Money while Filing returns

What is indirect tax and its types?

Insurance and Endowment: Everything You Need to Know!

A Comprehensive Guide to Understand the ITR 7 Form

What is Salary Protection Insurance and Why You Need It

All You Need to Know About Section 80C

How to Pay Advance Tax Online in India

What is Section 80C Deduction?

Why January Is an Important Month for Saving Tax?

How to File Income Tax Return without Form 16

All You Need To Know About Assured Savings Plan

Tax Benefits for Startups in India

Budget 2019: Impact on the Common Man in India

Understanding Tax Exemptions in ULIP (Old and New)

What is the Last ITR Filing Date and Penalty for Late Filing of ITR?

Section 80C Deductions as per Income Tax Act, 1961

How to Calculate returns on an assured savings plan?

प्रत्यक्ष कर और अप्रत्यक्ष कर में क्या अंतर है?

What is the Difference between Assessment Year (AY) and Financial Year (FY)?

What is Section 80C - Explained in Detail

Should one prefer a guaranteed savings plan over monthly income schemes?

Types of Income Tax Return (ITR) Forms

Investing Lump Sum Amount

Income Tax Exemption for Physically Handicapped Dependent

Challan 280 - How to Use Challan 280 to Pay Income Tax

What is capital gains tax, and how it works?

What is Form 16B?

How to View 26AS and Download Form 26AS Online?

12 Tax Changes in Budget 2022 that May Impact Your Personal Financial Planning

Pradhan Mantri Suraksha Bima Yojana

Income-Tax Liability- The Difference Between Gross Income & Total Income in Calculating Income Tax

What is the Difference between Form 16 and Form 16A?

What To Do If Your TDS Is Not Deposited With The Government?

What is TDS Exemption Limit?

What is Tax Evasion and What Are The Penalties For Tax Evasion In India?

What is the Percentage of Tax Deducted at Source (TDS)?

Is PF Withdrawal Taxable for NRI?

How to Check Income Tax Returns Status Onine?

Are Financial Planning and Tax Planning the Same Thing?

Difference between Section 80C, 80CCC, 80CCD & 80D

Saving Plans to Give Children a Debt-free College Education

Plan your Daughter's Wedding With Best Monthly Savings Plan

Tax Saving Guide for 2019-20

Saving Income tax in 2017 - 18

Penalty For Late Filing TDS Return

Presumptive Taxation for Business and Profession

Save Income Tax by 31st March: Here Is a Checklist

ITR 2 Form – Complete Guide

How Inflation Affects Savings and Investment?

Top 8 Tax-Saving Methods in India- Budget Planning

Income Tax Deduction Under Section 80CCC In India

What is Section 80C Deduction Limit?

Income Tax Exemption for Disabled

How to File Income Tax Return for First Time Tax Payers

Income Tax Deductions Under Section 80C

इनकम टैक्स रिटर्न कैसे फाइल करें?

Basics of Guaranteed Savings Plan

Tax Exemption and Scope of Coverage

Post Office Savings Scheme - All You Need to Know

How to Boost Your Savings with Guaranteed Results

3 Tips to Buy Guaranteed Savings Plan

What is the Maximum Maturity Benefit in Assured Savings Plans?

How to File Income Tax Return - Everything You Need to Know

Section 10 (10d) of Income Tax Act, 1961 on Payouts of Life Insurance Policy