Income Tax (IT) Refund

Tax Glossary Definition

Income Tax (IT) Refund

Income Tax (IT) Refund – The amount returned by the Income Tax Department to a taxpayer when the total tax paid (including TDS, advance tax, or self-assessment tax) exceeds the actual tax liability. Example: If TDS of ₹50,000 was deducted but the actual tax liability is ₹45,000, the taxpayer receives a refund of ₹5,000.

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