Tag Archives: #TaxRefundExplained

What is an income tax refund?

What is an income tax refund? What is an income tax refund? The refund amount is calculated by subtracting the actual tax liability from the total taxes paid. If the total taxes paid exceed the actual tax liability. The excess amount refund to the taxpayer as a reimbursement. If any individual or business entity has… Read More »

What is a tax exemption?

Tax exemption

What is a tax exemption?   A tax exemption refers to the exclusion of certain income, investments, or expenses from being subject to taxes. Governments grant tax exemptions to encourage specific activities or provide benefits to particular groups of taxpayers. For instance, in India, under Section 80TTA of the Income Tax Act, the interest earned… Read More »