TDS Status

The case for Income Tax Refund arises when the tax paid by an individual is larger than the amount of taxes that are supposed to be paid by him/her legally.The sections 237 to 245 under the Income Tax Act have a section on this concept.

Who is eligible for Income Tax Refund?

• If you have paid the tax in advance and the tax paid through self-assessment is greater than the tax paid through the regular assessment, then the taxpayer will be eligible for an income tax refund

• If the TDS from your salary is higher than the tax payable after regular assessment of income tax

• If there is an error in the regular assessment

• If the same income is taxed in India as well as a foreign country, the taxpayer can file for tax refund since this leads to double taxation

• If after deductions, the tax paid amount is shown to be negative

• If the investments that you have made show any form  of tax deductions