What to Do If TDS Is Not Claimed in Your Income Tax Return
Learn the consequences of not claiming TDS in your ITR and how to ensure you receive your tax refund.
196 views
If TDS is not claimed in your ITR, you might lose out on a potential refund or face issues with the Income Tax Department. TDS (Tax Deducted at Source) is a prepaid tax, and failing to claim it can result in paying more tax than required. To rectify this, ensure all TDS details match the Form 26AS and file a revised return if necessary.
FAQs & Answers
- What is TDS and why is it important? TDS, or Tax Deducted at Source, is a tax collection method where tax is deducted by the payer before making a payment to the payee. It's important because it helps the government collect tax in advance and minimizes tax evasion.
- What should I do if my TDS details don't match in Form 26AS? If your TDS details don’t match in Form 26AS, you should contact the deductor to rectify any discrepancies. It’s crucial to ensure the information is accurate to avoid issues with your tax return.
- How can I claim TDS in my Income Tax Return? To claim TDS in your Income Tax Return, you need to report the TDS amount in the appropriate section of the ITR form. Ensure the details match the information provided in Form 26AS.
- What happens if I miss claiming TDS in my return? If you miss claiming TDS in your return, you may end up paying more tax than necessary and would miss out on potential refunds. You can file a revised return to claim the missed TDS.