Tax Deducted at Source is form of Income tax reduced from the money paid at the time of making specified payments such as rent, commission, professional fees, salary, interest etc. by the persons making such payments. Usually, the person [as defined under Income Act, 1961(“the Act”)] receiving income is liable to pay income tax. The government with the help of Tax Deducted at Source provisions makes sure that income tax is deducted in advance from the payments being made.
Deductor is who deducts TDS of payee and whose tax is deducted is called deductee. The deductor deposits TDS to the government on behalf of the deductee and issues a TDS certificate.
Individual and HUF to deduct TDS if total sales, gross receipts or turnover from the business or profession exceed one crore rupees in case of business or fifty lakh rupees in case of profession during the financial year immediately preceding the financial year in which such interest on loan or fees is credited or paid, shall be liable to deduct income-tax under section 194A and 194J respectively.
Every person other than Individual and HUF is liable to deduct TDS U/s 194A TDS on Interest other than Interest on Securities and 194J TDS on Technical and Professional Fees.
Persons who are liable to deduct TDS as per the Act and as mentioned in point no.1 above, who have paid TDS and have also filed TDS return within stipulated time as per the provisions of the Act into Edelweiss Retail Finance Limited PAN, are eligible to claim the TDS refund.
TDS is to be deducted on the interest on loan and/or fees being paid to Edelweiss Retail Finance Limited. Please use latest Repayment Schedule for payment of TDS to avoid any short/excess deposit of TDS on Interest.
TDS is to be deducted at the rate prescribed in Income-tax Act, 1961, TDS on Interest on Loan as per Section 194A and TDS on fees as per section 194J.
TDS Certificate in original (copy shall do, provided it is digitally signed) along with covering/request letter mentioning Loan Account No. and details of interest paid and TDS amount – month wise needs to be submitted by the customer
Any formal covering letter mentioning Loan Account No. and details of interest paid and TDS amount – month wise would be accepted.
Post acknowledgement of documents received from the customer, the refund will be initiated, and the payment shall be made within 2 weeks. Customer shall be notified by email alerts on their registered email id.
TDS Refund amount shall be processed to the designated bank account from where ECS is effected by customer.
No. You must settle all EMI dues till date to get the TDS Refund.
Customers can submit the request for TDS refund via email or through the online portal
- Process for submitting TDS refund via email – Digitally signed TDS certificates in Form 16A along with scan copy of formal covering letter mentioning Loan Account No. and details of interest paid and TDS amount – month wise to be emailed to Homeservice@edelweissfin.com
- Through the Online Portal – Digitally signed TDS certificates in Form 16A along with scan copy of formal covering letter mentioning Loan Account No. and details of interest paid and TDS amount – month wise to be Uploaded on this Link – https://uat.edelweissretailfin.com/apply-tds/
- Submit the TDS certificate in Form 16A in original duly stamp and signed along with formal covering letter mentioning Loan Account No. and details of interest paid and TDS amount – month wise to your nearest branch or
- Send the TDS certificate in Form 16A in original duly stamp and signed along with formal covering letter mentioning Loan Account No. and details of interest paid and TDS amount – month wise to Head Office where it is centrally processed.
TDS Refund Team
Edelweiss Retail Finance Ltd.,
Ground floor, Tower 3 Wing B
Kohinoor City, Kirol Road,
Kurla West, Mumbai 400070.
TDS certificates along with request letter must reach Edelweiss Retail Finance Ltd TDS Refund Team by following dates:
• On or before 30th September for the TDS paid quarter ending on 30th June.
• On or before 31st December for the TDS paid quarter ending on 30th September.
• On or before 31st March for the TDS paid quarter ending on 31st December.
• On or before 31st July for the TDS paid quarter ending on 31st March.
12. What is the implication of late submission of TDS return filing and providing certificates in Form 16A to Edelweiss Retail Finance Limited beyond prescribed time limit?
In the event of non-adherence to the above-mentioned timelines in point no. 11, Edelweiss Retail Finance Limited is not obligated to make the TDS refund.
13. Are there any additional charges levied by Edelweiss Retail Finance Limited for processing the TDS refund?
The Company shall notify the customer by email on their registered email id:
- For receipt/approval mentioning expected date of payment.
- For rejection giving reason thereof.
Reason for Rejection
- TDS return filed in wrong PAN/Company
- TDS return filed after due dates prescribed in point no. 10 above
- If TDS certificate not digitally signed or signed without proper seal
- If the case is in Days Past Due(DPD) i.e. if any pending dues is not paid to Edelweiss
- Duplicate certificate i.e. certificate given for already processed certificate.