The basic concept of TDS is deduction of tax at source. The source is basically the organization for which you are working and there is deduction of tax from the salary with particular percentage that depends upon the liability of tax amount that get deposited in the department of income tax.
A circulation of the proposal of tax is done by the various companies in the starting of the financial year that should be filled by the employee. In this form, the employee has to mention any investment he has done along with the rent that he is paying or any other source of income earned in that financial year.
Company has to check all the investment done by the employee after tax proposal form is received and then only company will make clear about the slab given to that employee depending upon his salary. If not done than a charge will be paid by that employee as a tax which is called as TDS.
In most time, company also charged for extra tax in lieu of the liability of the tax. On 31st March when the financial year is going to complete, income tax department claimed that particular amount. The filling of ITR is compulsory even if no return will be filled under the Tax Rule 1961 as per income.
To claim the return, following rules to be followed:
1) A Form 16 should be taken first from the working organization previously or at present that described the tax liability, total investment, total income, and deduction of tax for that financial year.
2) After this, you have to make online presence or visit the Department of Income Tax.
3) According to the provided documentation in Form 16, you have to fill the refund form of income tax and attach a copy of attestation with that.
4) An acknowledgement of the refund form will be given to you once all the process completed. This acknowledgement number is mandatory at the time of refund claim.