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TDS or Tax Deducted at Source is the tax that is deducted by an employer. TDS is deducted every month by the employer. TDS is deducted based on the financial transactions made by the employees throughout the financial year.
Benefits of TDS
What is a TDS Refund?
When there's a discrepancy between the tax projected by you and the actual tax that you are supposed to pay at the end of the year.
Rajiv works at a Multi-National Company in Bangalore. After filing the income tax, he realized that he was eligible for tax deduction under Section 80C. He had paid an additional 10,000 Rupees.
So, the TDS Refund that Rajiv is eligible for amounts to 10,000 rupees.
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?
Tax-refund can be availed while filing your Income Tax Returns. The date of filing Income Tax is generally on the 31st of July
How to avoid the hassle of tax filing
Remember these points to avoid the hassle of tax filing