The Income Tax refund is the final amount of tax that is returned by the Income Tax Department to the taxpayer, which has been paid in excess of the actual liability during the financial year. The taxes already paid is compared with the actual tax liability on taxable income of the assessee to arrive at the refund due. This mismatch can occur from the following instances:
Deduction of TDS in excess
Excess Advance Tax paid
Failure to prosubmit all investment ofs to lower tax deductions
Double Taxation in the
case of an NRI
Income Tax refund can be now calculated with relatively high accuracy through tax refund calculators.The Tax Refund estimator created and hosted by Pravasi Tax has been proven to give a highly accurate estimate of refund,
computed from the structured input of information by a taxpayer.