Tax credit
This query is : Resolved
jesminrose
(Querist)
07 September 2013
sir, please tell me what is the meaning of tax credit ?
"TAX CREDIT OF RS 2000/- " what is this ?
"TAX CREDIT OF RS 2000/- " what is this ?
07 September 2013
it means if now u have suppose a tax liability to be paid for say 5,000 then as per income tax act you are eligible for paying 3,000 only i.e 5,000-2,000 net amount as alredy u have paid 2,000 which is called tax credit.
Murtaza I Bhagat
(Expert)
07 September 2013
Agreed,
Advance deducted or Deposited tax before finalized tax liability its called tax credit, it can be utilized in tax liability and excess can claim as refund but if less then you have to pay remaining amount after utilize tax credit as per above example given by expert
Advance deducted or Deposited tax before finalized tax liability its called tax credit, it can be utilized in tax liability and excess can claim as refund but if less then you have to pay remaining amount after utilize tax credit as per above example given by expert
jesminrose
(Querist)
18 September 2013
thank you sir
Murtaza I Bhagat
(Expert)
18 September 2013
Always Welcome
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