Need A Financial Product Forums Tax Savings What is tax refund?

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    Kalpana Lad

    What is tax refund?


    Tax refund, as the name suggests, is the returned amount of excess revenue that a taxpayer had submitted to the government in the past year. In some cases, the tax liability of a taxpayer could be less than the actual taxes paid, that is they owe less tax than the actual withholding amount. Therefore, in such conditions, the government has the provision of returning that amount to the payee with interest. For claiming a refund, one is required to file the income tax return within a specified period.

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