Refund (of tax)

Tax Glossary Definition

Refund (of tax)

Refund of Tax – A tax refund occurs when a taxpayer has paid more tax than their actual liability. The excess amount is returned by the tax authorities after verification and adjustment against the taxpayer’s dues.

Example: If TDS of ₹50,000 is deducted but the actual tax liability is ₹45,000, the taxpayer is entitled to a refund of ₹5,000.

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