Tds Deduction On Salary Within A Financial Year

Hello everyone,

I was working as a graphic designer in the non-governmental sector, specifically in event management services in Bangalore. My salary was 25k/month, and I am from Maharashtra. The issue here is that I joined that company in July '12 and left in October '12 due to some management issues, resulting in a working period of 3 months. They deducted my TDS from my salary, which is expected.

I want to know if my TDS will be returned by the company or the tax department legally since it was within the same financial year. Currently, I am still unemployed. What is the procedure to get back the TDS?

Thank you.

Hi,

For the salary of Rs. 25K per month, if there are wise salary breakups, then you will not fall under the TDS bracket. Then too, you joined in the month of July, so obviously, it's not applicable for your salary. Even if there are deductions, it should be a very small amount per month which will not exceed Rs. 200/- PM.

As per Income Tax rules, if there is any TDS, organizations will have to remit the same to the IT department at the end of the FY. You might get a TDS certificate/Form 16 in the month of July or August 2013 from the company. You should claim the same from the IT department. Now the company is no more involved in the repayment.

Hello everyone,

I was working as a graphic designer in the non-government area, providing event management services in Bangalore. My salary was 25k/month, and I am from Maharashtra. The issue here is that I joined that company in July '12 and left in October '12 (due to some management issues), so my working period was for 3 months. They deducted my TDS regularly from my salary, which is understandable.

I want to know, will my TDS be returned by the company or by the tax department, legally, since it was within a financial year? Currently, I am still unemployed. What is the procedure to get back the TDS?

As others have mentioned, you are not taxable as of now for the 2012-13 financial year (assuming there are no other incomes during this year). Therefore, you can claim a refund of TDS. To be safe, obtain Form-16 from your former employer now and use it to prepare/file your IT return before 31.7.2013 to claim the refund from the IT Department. If your TDS had already been remitted to the government, you can get the refund from them. Contact them first to determine the situation.

-Kumar.s.

Hello Shayli,

The company cannot refund your TDS; you can claim a refund in your Income Tax return. You have to file the Income Tax Return after 31 March 2013 for the financial year 2012-13.