Recovery of tax

Tax Glossary Definition

Recovery of tax

From a taxpayer’s perspective, reconciliation may lead to a tax refund if the total taxes paid or deducted during the year exceed the actual tax liability. Conversely, from the tax authorities’ perspective, reconciliation ensures the identification and collection of any underpaid or outstanding taxes, maintaining accuracy in tax compliance and reporting.

Example: If a taxpayer’s total tax deducted at source (TDS) surpasses their computed tax liability, they become eligible for a refund. However, if the taxes paid are lower than the assessed liability, the tax department may issue a demand notice to recover the deficit.

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