Sumit Upadhyay
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What is tax credit in simple words?

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What is tax credit in simple words?
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  1. Simply put, a tax credit is the extra or excess tax paid while paying so and thus, is stored as credit with the entity that it was paid to. Mostly it may be the Governmnet or the vendor you purchase goods or services from. Tax credit also implies that later, one can claim a refund of this excess amount or get it adjusted towards the due payment of taxes that may arise for further purchases or charges.

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