TDS on rent above Rs.5000 pm

TDS on rent above 50000 pm was paid @ 5% instead of 2%. In form 16 C generated it was appearing 2%. How can we claim refund of excess TDS

Replies (1)

Claiming Refund of Excess TDS To claim a refund of excess TDS paid on rent, follow these steps:

1. *Rectification of Form 16C*: Request the deductor (landlord or property owner) to rectify the Form 16C with the correct TDS rate of 2%.

2. *File a rectification request*: The deductor should file a rectification request with the income tax authorities to correct the TDS certificate.

3. *Claim refund*: Once the rectification is done, you can claim a refund of the excess TDS paid.

Additional Steps

1. *Verify Form 26AS*: Check your Form 26AS to ensure the correct TDS amount is reflected.

 2. *File ITR*: While filing your Income Tax Return (ITR), claim the refund of excess TDS paid.

Documentation To support your refund claim, maintain:

 1. *Rectified Form 16C*: Ensure you receive the rectified Form 16C from the deductor.

 2. *Proof of payment*: Keep records of TDS payments and proof of excess payment.

Recommendations 1. *Coordinate with deductor*: Work closely with the deductor to ensure timely rectification and refund.

 

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