TDS refund
Ajit
(Querist) 24 October 2010
This query is : Resolved
Hello my friend is insurance agent. His company deducted TDS on his Commission. How to get it refund? which form is applicable?
adv. rajeev ( rajoo )
(Expert) 24 October 2010
File an income tax return along with the Form No:16 to get the refund to income at tax office. If his income is below tax limit entire TDS amount will be refunded and if it is more than limit, on exceeded amount Tax will be deducted and balance will be paid.
Consult the Income Tax Consultant/CA/Tax Practitioner
R.Ramachandran
(Expert) 24 October 2010
Mr. Rajeev has advised correctly. Your friend has to file his income tax return. In the return he will show whether his income is taxable or not. Then if taxable what is the tax amount payable, how much tax already paid through TDS. If amount of tax has been paid in excess, then he will ask for refund in the same form. Otherwise, if the amount of tax paid (including TDS) is less than what is payable, then he will have to pay the balance tax. Since whateverTDS that had been deducted would have been remitted to the Income Tax Department by the person who deducted the TDS, the only way available to get the refund if any is to file the income tax return. The Company cannot refund the TDS.
Mukund Kumar
(Expert) 25 October 2010
Mr Ajeet first you caclulate your net income after deducting expenses fron Gross Commission then you calculate your tax if net income is below than 1,60,000 your tax liability is nil,1,60,001 to 3,00,000 10%, 3,00,001 to 5,00,000 20 % and 5,00,001 and above 30 % then you fill the Income Tax Return form ITR-4 Online or manually. Fill your TDS deductors TAN name, address and amount of commission, Tax deducted as per TDS form 16A if your TDS amount is greater than tax payable you show in refund columns. Fill the Bank account number, MICR code of Barnch and nature of account saving or current. After filling of income tax return The Income tax department find your tax credit online and after process of return refundable+interest amount credited in your bank account who shows in your IT return. Please contect Tax parcticener.
soumitra basu
(Expert) 31 October 2010
I do want to only add that before filing your income tax return please see form no. 26AS at website. If it is not contact the deductor and correct the tds return filed by them. Otherwise you may not get the desired refund.
Ajit
(Querist) 01 November 2010
Every one told me about the filing of returns but which form of ITR should I use. Which ITR is applicable?
ITR 1 or ITR 2 or ITR 3 or ITR 4.
