TDS Refund - FAQs

TDS is deductible on interest under Section 194A of the Income Tax Act 1961.

Who must deduct the Tax deducted at Source (TDS)?

Any of the following persons paying more than ` 5,000/- as interest (forming part of the EMIs) or fees to us is required to deduct TDS:

  • Self Employed Individual, HUF or Sole Proprietor when he is carrying on a business and turnover is more than ` 2 Crore in the previous year or,
  • Self Employed Individual, HUF or Sole Proprietor when he is carrying on a profession (CA/ Doctor/ Lawyer/ Advocate/Interior Decorator/ Consultant/ architect etc) and turnover is more than ` 50 lacs in the previous year, or
  • Company or
  • Partnership Firm or
  • Association of Persons or Body of Individuals

What are the pre-requisites for deducting TDS?

A Customer must have obtained Tax Deduction Account number (TAN) before they should deduct TDS. It is required for deposition of any TDS deducted. It is different from TIN (Taxpayer's Identification Number) which is registration number in Value Added Tax Laws (Sales Tax or VAT). TAN can be had by applying to NSDL's facilitation centres.

What shall the customer do?

  • All customers who are liable to deduct the TDS, must pay TDS as per applicable rate (currently 10%) for the interest and fees being paid to Fullerton India.
  • Customer must deposit the TDS amount so due into the government account every month within the due date prescribed.
  • As per the Income Tax Act, 1961, the customer should file TDS return within the due date prescribed at the end of each calendar quarter.
  • Once returns are filed, customer must submit request letter along with TDS certificates in Form16A generated from the income tax website to Fullerton India.

Does the TDS certificate need to be submitted in original?

Yes. Original TDS certificate is required to be submitted for claiming the refund.

Where shall the customer send the TDS certificates?

  • Customer should send hard copies of Original TDS certificates along with request letter and copy of cancelled cheque to a Fullerton India branch.
  • Alternatively,
  • Digitally signed TDS certificates along with scan copy of request letter can be emailed to namaste@fullertonindia.com
  • Hard copy of TDS certificates along with request letter can be sent to the following address:

Taxation Team/CCRC Team

Fullerton India Credit Co. Ltd.

Floor 6, B Wing, Supreme IT Park, Supreme City, Behind Lake Castle,
Powai, Mumbai – 400076

What are the dates by which the TDS certificates must reach Fullerton India Taxation Team?

The original TDS certificates along with request letter must reach Fullerton India Taxation Team by following dates:

  • On or before 30th September for the quarter ending on June 30th
  • On or before 31st December for the quarter ending on September 30th
  • On or before 31st March for the quarter ending on December 31st.
  • On or before 31st July for the quarter ending on March 31st.

In the event of non-adherence to the above-mentioned timelines, Fullerton India is not obligated to make the TDS refund.

What are the implications of late submission of TDS certificates?

Where Fullerton India has filed its return of income it would become difficult for it to claim TDS from tax authorities leading to blocking of funds. To avoid such situation, it is advised refund is claimed on immediate basis on filing of e-TDS return. This will help customer to claim refund from Fullerton India on time.

Is it mandatory to provide bank account details along with the submission of TDS certificates?

Fullerton India requests its customer to provide bank account details in the application for TDS refund form in Annexure II in order to enable timely refund through NEFT into the appropriate account as desired by the customer. In case of change in bank account details, copy of cancelled cheque should also be attached to Annexure II.

Does the request need to be made for the due refund along with the submission of TDS certificates?

Yes. The request needs to be made in the format attached in Annexure II. Please note separate application is required to be made for each financial year.