What to Do If You Don't Claim TDS Credit on Your Tax Return?

Learn the consequences of not claiming TDS credit and how to rectify it to avoid tax overpayment.

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Failing to claim TDS credit in your tax return can lead to payment mismatch issues. You might lose out on eligible refunds or end up paying more tax than you owe. To rectify this, you may need to file a revised return or contact your tax authority to update your tax account, ensuring all deducted taxes are correctly credited and claimed.

FAQs & Answers

  1. What is TDS credit? TDS (Tax Deducted at Source) credit is the amount of tax that has been deducted by a payer and deposited with the government on behalf of the taxpayer. It can be claimed as a credit against your total tax liability while filing your income tax return.
  2. What are the consequences of not claiming TDS in your tax return? If TDS credit is not claimed in your tax return, it can result in mismatches in your tax records, potential loss of eligible refunds, and might lead you to pay more tax than required due to unaccounted deductions.
  3. How can I rectify a missed TDS claim? To rectify a missed TDS claim, you can file a revised return or contact your local tax authority to update your tax account. This allows you to ensure that all deducted taxes are correctly credited to your account.
  4. Is it possible to get a refund from unclaimed TDS? Yes, if TDS was deducted and not claimed, you may still be eligible for a refund. Filing a revised return or adjusting your tax records can help you reclaim the unclaimed TDS.

Watch More

For more information on managing your taxes effectively, consider exploring our videos on tax filing tips, understanding TDS deductions, and how to file a revised tax return. Stay informed to maximize your tax benefits and ensure your accounts are accurate.

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