Summary of My Salary and Tax Details
My total salary is ₹11,06,993. After applicable deductions under Section 16 amounting to ₹75,000, my taxable income stands at ₹10,31,993. The total income tax calculated on this amount is ₹54,799, along with a health and education cess of ₹2,192. Therefore, my total tax liability comes to ₹56,991.
The total TDS deducted and deposited against my salary is ₹56,991, which is exactly equal to my tax liability.
A refund of the deducted TDS can be requested if the total tax liability is less than the amount of TDS deducted. Make sure you file your income tax return in order to receive your refund.
Hi @jaydalwadi, since the TDS deducted is equal to your tax liability, there will be no refund. Your tax dues have already been fully settled through TDS.
Yes, you may receive a refund of the deducted TDS if your total income is below the taxable limit or if excess tax was deducted. File your income tax return to claim the refund. The government processes TDS refunds after verifying your return, usually within a few months.