Excess Payment of Tax

Tax Glossary Definition

Excess Payment of Tax

A tax refund arises when the tax paid (through TDS, advance tax, or self-assessment tax) is greater than the actual tax liability for the financial year.
The excess amount is eligible to be claimed back from the Income Tax Department.

 Example

Particulars Amount (₹)
Tax Deducted at Source (TDS) 50,000
Actual Tax Liability 45,000
Excess Tax Paid → Refund 5,000

Thus, the taxpayer can claim ₹5,000 as a refund while filing the income tax return.

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