How to Claim Back TDS Deducted from Your Fixed Deposit

Learn the process to get back TDS deducted on your Fixed Deposit by filing your Income Tax Return. Quick and easy steps!

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To get back TDS deducted on an FD, you need to file an Income Tax Return (ITR). First, ensure that you have a Form 16A from the bank that details the TDS deducted. Calculate your total taxable income, including the interest from the Fixed Deposit (FD). If your total income is below the taxable limit, you can claim a refund for the TDS deducted. Submit your ITR with all necessary documents, and the Income Tax Department will process your refund if applicable.

FAQs & Answers

  1. What is TDS and how is it deducted on Fixed Deposits? TDS, or Tax Deducted at Source, is a form of tax collection in which tax is deducted at the source of income. When you earn interest on a Fixed Deposit (FD), the bank deducts TDS if the interest amount exceeds the specified limit set by tax regulations.
  2. How can I check the TDS deducted on my FD? You can check the TDS deducted on your Fixed Deposit by reviewing Form 16A provided by your bank. This form details the amount of TDS deducted, and you can also verify it through your online income tax account.
  3. What documents do I need to file for a TDS refund? To claim a TDS refund, you need your Form 16A, details of your income, and your Income Tax Return (ITR) along with any other supporting documents as required by the Income Tax Department.
  4. What happens if my total income is below the taxable limit? If your total income, including interest from the FD, is below the taxable limit, you can claim a refund for the entire TDS deducted by filing your Income Tax Return (ITR).

Watch More

For those who found this video useful, we recommend exploring additional resources on personal finance and taxation. Delve into related topics such as 'Understanding Form 16A', 'How to Calculate Taxable Income', and 'Tax Refund Process in India'. Enhancing your financial knowledge can save you money and help you make informed decisions.

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