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ANKITA (CA Job) (29 Points)

02 August 2014

WHAT IS THE DIFFERANCE BETWEEN REFUND AND REBATE?????????????

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2 Replies

Tribhuvan Aditya Singh (Student as well as Self-employed) (3710 Points)
Replied 02 August 2014

rebate means relaxation in amt payable and you need to pay net amt after rebate..... but in case of refund, total amt payable is paid by the person and excess amt. paid is refunded to the person at a later period of time.

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moulali (student) (735 Points)
Replied 02 August 2014

rebate means relaxation into the amount payable and assessee need to pay net amt after rebate..... but in case of refund, total due tax amount would be paid by the assessee and refund can be get if the amount paid by the assessee in excess of what he actually have to pay is refunded at a later period of time.