InvestorQ : What is an income tax refund?
Priyanka Singh made post

What is an income tax refund?

Pratik vyas answered.
3 years ago

Income tax return (ITR) is a tax form that is used by an Indian citizen to file income tax with the Income Tax Department. The ITR is a worksheet which has the details of the income figures that are used to calculate one’s tax liability. Thus, this ITR sheet itself can give the details of how much one needs to pay the Income Tax Department.

If one’s ITR shows that that individual has paid excess tax during a given year, then the individual, also known as the assessee, is eligible for a refund from the Income Tax Department.