Refund

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Querist : Anonymous

Querist : Anonymous (Querist)

24 May 2014 What is refund ? why government will give the refund ?
tds etc..

Ashutosh

Ashutosh (Expert)
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24 May 2014 What you have collected but do not owe is not yours. Thus has to returned to payer and is called as 'refund'.
Similarly, when excess tax has been collected than what assessee is liable for, IT department refunds such excess along with interest as per relevant sections and subsections of IT ACT.
Btw, please google such basic stuff rather than asking on forum.