Tax Rebates & Refunds

Income tax refunds simplified

April 15, 2011
Posted in Income Tax — Written by Geoffrey

An income tax refund is a kind of tax rebate. Putting it in simple words, tax refunds are the excess money which you have paid out.

If you are a salaried individual, it may be that extra tax has been taken from you. While the PAYE system is reliable, there are circumstances where too much tax is paid. If you leave a job part-way through a year, you will most likely have been paying tax at a rate as if you were going to work for the full year, so it could be that you are owed a certain amount.

Claiming a tax refund

To analyse if you are eligible for a tax refund or not, you must file your refund documents. Only by analysing your income over the whole of a tax year is it possible to calculate whether you are owed money or not.

Companies providing assistance in tax rebates must inform their clients about the possibility of getting one. They are by no means guaranteed and are generally dependent on certain things having happened with your income during the course of the year.

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