How can I check my TDS status?

How to e-verify TDS return online?

Click on the 'e-File' menu and select 'e-Verify Return'. Click on the e-verify link and select Option 3 – 'I would like to e-verify using OTP on a mobile number registered with Aadhaar'. You will get an OTP on your registered mobile number. Enter the OTP and click on the 'Validate' button.

How to get TDS user ID and password?

​​Steps to Reset the User ID or change the User ID on TRACES

1. Visit the TRACES portal. Go to the TRACES website. ...
2. Forgot User ID. ...
3. Enter TAN of deductor. ...
4. Enter the token number. ...
5. Enter CIN details. ...
6. Enter PAN amount combination. ...
7. Authentication code. ...
8. Enter the OTP.

How much TDS is deducted on a 60,000 salary?

Here's how TDS is calculated: Annual Income = ₹50,000 x 12 = ₹6,00,000. Tax Liability (as per slabs) = ₹60,000. TDS Deducted Monthly = ₹60,000 / 12 = ₹5,000.

What happens if TDS is not paid?

Levy of Interest: Any individual who is liable to deduct TDS but fails to deduct it wholly or partly, or does not pay it to the government, will be subject to pay interest. The interest rate is: One percent per month or part of a month on the TDS amount from when TDS was to be deducted.

How to get your TDS return?

Step-1: File your income tax returns wherever there is extra tax paid under the TDS head. Step-2: Fill in the required bank account details. Step-3: After the returns have been filed, wait for a few months. Step-4: Your returns will be processed by the officials and your refund will be initiated.

Who is eligible for a TDS refund?

Here's who can benefit: Salaried Employees: If your employer deducted more TDS than necessary, you can claim a refund when filing your ITR. Freelancers & Self-Employed Individuals: If clients deducted 10% TDS from your payments, but your actual tax liability is lower, you can get a refund.

Can I get a refund after 3 years?

You can't get a credit or refund if you don't file the claim within 3 years of filing your original return, or 2 years after paying the tax, whichever is later, unless you meet an exception that allows you more time to file a claim.

How much refund will I get after filing an ITR?

What is the maximum amount for a tax refund? There is no maximum limit on the amount you can receive as an income tax refund. Any excess tax you have paid—whether through advance tax, TDS, or self-assessment—will be returned to you after your ITR is processed.

Can I track my refund online?

Where's My Refund has the latest information on your return. If you don't have internet, call the automated refund hotline at 800-829-1954 for a current-year refund or 866-464-2050 for an amended return. If you think we made a mistake with your refund, check Where's My Refund or your online account for details.

How many days will TDS be refunded?

Typically, refunds are processed within 4-5 weeks of filing your Income Tax Return (ITR). How will I get income tax refund? If you have already paid more taxes in the form of TDS or advance tax than required, you will receive a refund on duly filing ITR.

How does TDS affect my income tax return?

You usually just need to file your income tax return. If the TDS deducted from your salary is more than your actual tax liability, the excess amount will be due as a refund and reflected in your return.

How much TDS is deducted on a 70,000 salary?

TDS on Salary would be deducted @ 9.56%. Therefore TDS on Salary would be 9.56% of Rs. 70,000 i.e. Rs.

Why am I not getting a TDS refund?

If the IT department while assessing your tax refund claim finds that your claim for the refund is questionable, then they might request you to provide supporting documents to support the claim. In such cases, the refund on tax returns will be delayed until you provide the necessary documents.

What is the maximum TDS late fee?

200 per day of delay, subject to a cap equal to the TDS/TCS amount for the period. Additional Penalties: Beyond Section 234E, failure to file within a reasonable period may attract penalties under Section 271H, which can range from Rs. 10,000 to Rs. 1,00,000 for delays exceeding one year from the due date.

How much TDS on 1 lakh?

For example, in the case of salary, TDS is deducted as per the average income tax rate. Let's understand this formula with an example. Under section 192 of income tax rules, the employer will deduct TDS of Rs 11,050 (1,00,000 x 11.5%) only monthly basis from your salary.

How to avoid 40% tax?

How to avoid paying higher-rate tax

1. 1) Pay more into your pension. ...
2. 2) Reduce your pension withdrawals. ...
3. 3) Shelter your savings and investments from tax. ...
4. 4) Transfer income-producing assets to a spouse. ...
5. 5) Donate to charity. ...
6. 6) Salary sacrifice schemes. ...
7. 7) Venture capital investments.

What are the common mistakes in TDS?

TDS Filing Software: Avoid These 7 Common Mistakes for Accuracy

• Using Outdated or Non-Compliant TDS Filing Software. ...
• Wrong PAN, TAN, or Section Mapping During Data Entry. ...
• Delayed Payment or Late Return Filing. ...
• Challan Errors or OLTAS Mismatch. ...
• Missing or Late Generation of Form 16 / 16A.

How do I check my TDS online?

Step 1: Visit the TRACES Portal. Enter the captcha code to proceed. Step 2: Enter your PAN and the deductor's TAN. Step 3: Choose the financial year, the quarter, and the type of return (against salary payments or non-salary payments).

What is my TDS password?

When prompted to login to Internet Security, click on the Forgot Your Password link. Enter the email address you provided to TDS for your Internet Security subscription then click the Send button. This is the same email address where you received the Internet Security installation email.