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of <h1>Income Tax Bill 2025 Clause 431 preserves taxpayers' right to refund excess tax paid, modernizing language from 1961 Act</h1> The Income Tax Bill 2025's Clause 431 mirrors Section 237 of the Income-tax Act 1961, preserving taxpayers' statutory right to refund excess tax paid. Both provisions require taxpayers to satisfy the Assessing Officer that tax paid exceeds the amount properly chargeable for the relevant year. The key difference is terminology: Clause 431 uses 'tax year' instead of 'assessment year,' potentially simplifying processes and aligning with international standards. The provision covers all forms of tax payment including TDS, advance tax, and self-assessment tax. While substantive rights remain unchanged, the modernized framework may introduce digital processes and improved efficiency in refund administration.
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