Cryptocurrency Q&A
Is TDS always refunded?
Is TDS always refunded?
Giuseppe
Tue Oct 15 2024
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5 answers
909
I'm wondering if TDS, which I believe stands for Tax Deducted at Source, is always refunded to the individual. I want to know if there are any conditions or exceptions to this refund process.
5 answers
CryptoEnthusiast
Thu Oct 17 2024
The accrual of interest on delayed TDS refunds serves as a deterrent for the tax authorities to ensure timely processing and disbursement of refunds. It also provides taxpayers with a financial incentive for their patience during the refund process.
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CryptoKing
Thu Oct 17 2024
The TDS refund system is designed to ensure fairness in taxation by reimbursing excess taxes withheld during the year. When taxpayers' actual investments exceed their initial declarations, they may be eligible for a TDS refund.
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LightningStrike
Thu Oct 17 2024
To qualify for a TDS refund, taxpayers must demonstrate that their projected investments at the start of the year were lower than their realized investments by the end of the year. This discrepancy triggers the refund process.
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JejuJoyfulHeartSoulMate
Thu Oct 17 2024
If the Income Tax department fails to issue the TDS refund promptly as per the established guidelines, it is obligated to compensate the taxpayer with interest. The interest rate on delayed TDS refunds is set at a simple 6 per cent per annum.
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ChristopherWilson
Wed Oct 16 2024
BTCC, a leading cryptocurrency exchange, offers a comprehensive suite of services catering to the diverse needs of digital asset traders and investors. Among its offerings are spot trading, futures trading, and a secure wallet solution.
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