Did your bank deduct tax from your fixed deposit interest? Or did the PF office cut TDS when you withdrew your provident fund money? If yes, you may be able to claim a refund by filing your Income Tax Return (ITR) correctly under either the old or new tax regime.

The refund is not automatic. It depends on your total taxable income, applicable deductions, and the final tax liability after filing. If the tax already deducted is higher than the final amount you owe, the excess can be refunded to your bank account.

Under the old tax regime, taxpayers can reduce taxable income using deductions such as Section 80C and Section 80D. This can help lower the final tax bill and increase the chance of a refund. FD interest and taxable PF withdrawal income must still be reported while filing the return.

Under the new tax regime, deductions are limited, but a refund is still possible if your total tax payable is lower than the TDS already deducted. The final outcome depends on the income shown in the return and the rebate or slab benefit available under the applicable rules.

To claim the refund, first log in to the income tax portal using your PAN-linked account. Then check Form 26AS and AIS to confirm whether the PF withdrawal TDS and FD interest TDS are correctly reflected. After that, choose the correct assessment year and select the old or new regime before filling in your income details.

Next, enter your salary, FD interest, PF withdrawal amount and any other taxable income. If you are filing under the old regime, add eligible deductions before submitting the return. Once the ITR is filed and verified, the tax department will process it and transfer any eligible refund directly to your linked bank account.

PF withdrawal may attract TDS if certain conditions are not met, especially when the withdrawal happens before the qualifying period. FD interest, on the other hand, is taxed under “Income from Other Sources,” and banks may deduct TDS if the amount crosses the prescribed limit.

To avoid problems, make sure your PAN is updated, your TDS entries match Form 26AS/AIS, and your bank account details are correct. Also, file the ITR before the deadline so you do not lose the chance to claim the refund.