Tax Glossary Definition
An unclaimed refund refers to a tax refund due to a taxpayer that has not yet been received. The taxpayer can claim it in subsequent years, and interest may be payable by the tax authorities on the delayed refund, as per the Income Tax Act.
Example: A refund of ₹5,000 from FY 2023–24 remains unclaimed and can be claimed later with applicable interest.
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