Tax Glossary Definition
A claim refers to a formal request made by a taxpayer to the Income Tax Department for deductions, exemptions, refunds, or adjustments as permitted under the Income Tax Act. It represents the taxpayer’s right to reduce taxable income or recover excess tax paid.
Example: Claiming House Rent Allowance (HRA) exemption or claiming a refund for excess TDS deducted while filing the Income Tax Return (ITR).
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