Failed to submit 15g, tds cut, how to claim for tds refund.

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My friend has some fixed deposits, he earns some interest on them. As he does not have any other income source, we wanted to file 15G so that the bank will not cut the TDS.

We thought we can submit 15G before the maturity date of the deposits which was in july but the bank had already cut the TDS and submitted them to IT department in march itself not only for the matured deposits but also for the yet to be matured deposits. We have checked the 26AS.

Now how can he claim for the TDS refund as he did not have any other income source except for the interest he gets on these deposits.

Many thanks in advance.

Replies (6)

File ITR-1 and claim for refund.

Originally posted by : Manish
File ITR-1 and claim for refund.

 

Thank you for the reply Manish.

I guess there is no need for meeting any person from the IT department. The filing of ITR-1 can be done through online and the TDS will also refunded to the account.

How long would it usually take?

You are absolutely right. No need to meet any person to file ITR. You may do it online. If such income pertains to FY15-16, the last date to file return is 31st July 2016. After you file return, refund would be credited within 5-6months. Please ensure to mention correct bank account information for the purpose of refund.

Originally posted by : Poornima Madhava
You are absolutely right. No need to meet any person to file ITR. You may do it online. If such income pertains to FY15-16, the last date to file return is 31st July 2016. After you file return, refund would be credited within 5-6months. Please ensure to mention correct bank account information for the purpose of refund.

 

Thank you for the information Ms. Poornima. Yes, it pertains to FY 2015-16.

I am glad the whole process is online, except for the time it takes.

Earlier, it used to take years to get refund. Now that it has been brought to months, it can still be appreciated I think :)

Originally posted by : Poornima Madhava
Earlier, it used to take years to get refund. Now that it has been brought to months, it can still be appreciated I think :)

 

I did not know that. Months compared to years is definitely good, sure it can be appreciated.

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