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of <h1>New Procedure for TDS Refunds on Residents: Claims, Safeguards, and Administrative Approval u/ss 192-194LA.</h1> The circular outlines the procedure for refunding excess TDS deducted or paid by a deductor, replacing the previous Circular No. 285. It applies to TDS on residents under sections 192 to 194LA of the Income-tax Act, 1961, excluding non-residents. Refunds are calculated as the difference between actual payments and the tax deductible. Claims within the financial year can be credited in the next quarter's TDS statement, while claims beyond the financial year must be made to the Assessing Officer within two years. Safeguards include verifying genuine errors, ensuring no TDS certificate issuance, and preventing double claims. Administrative approval is required for significant refund amounts.
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