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How do I cash a TDS certificate?

Avatar 37a3bd7bc7328f0ead2c0f6f635dddf60615e676e6b4ddf964144012e529de45 asked

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3 Answers
Avatar 37a3bd7bc7328f0ead2c0f6f635dddf60615e676e6b4ddf964144012e529de45 answered

Yes. You can not encash the TDS certificate like any bank draft or postal order. Still it is cash equivalent for limit purpose of income tax. If the amount of TDS mentioned on the TDS certificate reflects in form no. 26AS, the amount of TDS is a credit which is lying in the records of income tax department. So in case your total income is lower than the basic exemption limit, you can claim the income tax refund in respect of the amount of TDS mentioned in the certificate. Even if you have taxable income, you will be able to adjust the amount of TDS against your tax liability of tax on your income. For this year you will have to file on income tax return electronically in case you want to claim any income tax refund.

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Avatar 37a3bd7bc7328f0ead2c0f6f635dddf60615e676e6b4ddf964144012e529de45 answered

-TDS certificate cannot be encashed as such -U can get refund.if any, in ur TDS certificate by filing ur income tax return. -U will be required to mention ur bank account no. IFScode for receiving the refund -Nowadaz since its online u receive ur refunds quick like in a couple of months or so. -If u do not file ur Income Tax Return then refund being shown in UR TDS certificate will not be refunded to u automatically. -So do file ur returns before the due dates as applicable to u to claim ur refund

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Avatar 37a3bd7bc7328f0ead2c0f6f635dddf60615e676e6b4ddf964144012e529de45 answered

Dear Gautham, You can not cash your tds certificate. as per the provision if your income less than the taxable income and tds deducted than you can claim refund of tds. If you want refund of tds than first of all you have to file your income tax return than you can claim refund of tds. however refund is done only when your income is less than the taxable income. Any other query feel free to contact us. Writer CA Chitranjan Agarwal

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