A tax rebate or tax refund is actually the refund on the taxes when the liability of tax is only less than the taxes paid. A lot of taxpayers can frequently obtain the tax refund on your income tax if your tax is only less than the sum of total amount of estimated taxes and withholding taxes which you paid along with the refundable tax credits which you claim. In order to claim tax back in your state or country, first of all, you should know about your eligibility for this tax rebate under the recent tax laws.
Understanding the income tax rebate:
A rebate on the income taxes when the tax liability is only less than the tax paid by a particular person is known as the income tax rebate or refund. Generally, all the taxpayers will get a refund on their income tax if you have made tax payment more than your limit. At the end of the year, you will obtain the refund of this tax amount to your account.
According to the state or country tax laws, the taxpayers can also receive the refund your of additionally paid tax money along with interest. When you want to claim for the income tax refund, first of all, you should need to file your ITR within a specific