Tax is a financial charge which has to be paid to the government for making various public expenditures. According to the law, not paying tax will be a punishable offense. The system of tax is followed since from early times, and the tax system and their rules were differed according to the laws of the country. Whereas, in all the countries the tax system is being followed and only the methods involved in them varies. Being a taxpayer if you are paying the tax more than your tax liability then it can be refunded through the process of a tax rebate . The method of tax refund has been introduced by the government in order to favor the people those were paying their taxes in excess than their declared tax amount.
- The tax refund process is also known in terms of a tax
- According to this process, a refund will be initiated based on the taxes when the tax liabilities are low while comparing with the tax amount paid.
- Tax liability is the amount need to be paid as tax for the government, and if it is overpaid than the actual tax, then there are chances of getting a rebate through applying for a tax
Taxpayers can’t get the tax refund simply as it can be gained only when they paid more the tax amount they owe. Whereas the tax refund will be provided only when their tax is compared to be less based on the calculation of some of