refund of tax is the excess of tax paid thn the actual tax liability for the year. this excess tax paid can be refunded to the assessee only after filing return of income before the due date. suppose while asesssing your tax liability for a particular ay comes to 100000. Now tds made on your behalf is say Rs.30000 and advance tax paid is 80000. So excess tax of Rs.10000 is paid which shall get refunded to the assessee after filing IT return
its the due date of filing the return which is normally 31st july but sometimes gets extended. so before that date you need to file your return in order to claim your refund
Leave a Reply
Your are not logged in . Please login to post replies