1. To calculate the tax payable or tax refund, it is necessary to compare the difference between the prepaid tax and the tax payable;
2. If the prepaid tax amount is greater than the taxable amount, you can apply for tax refund;
3. If the prepaid tax amount is less than the payable tax amount, the difference shall be paid back;
4. The tax authorities shall handle the tax refund for the overpaid tax, and handle the tax refund formalities within 10 days after discovering the overpaid tax; Taxpayers applying for tax refund shall verify and handle it within 30 days.
Calculation method of personal tax refund:
1, determine the total annual income;
2. Subtract allowable deductions and allowances to get taxable income;
3. Calculate the annual tax payable according to the tax rate table;
4. Calculate the tax paid in advance every year;
5. Compare the prepaid tax amount with the payable tax amount to determine the tax refund or supplementary tax.
To sum up, the refundable amount of individual income tax is determined according to the difference between the prepaid tax amount and the taxable amount. If the prepaid tax amount is greater than the taxable amount, you can apply for tax refund; if the prepaid tax amount is less than the taxable amount, you need to make up the difference.
Legal basis:
Tax collection management law
Article 51
Upon discovery, the tax authorities shall immediately refund the tax overpaid by taxpayers; If a taxpayer finds out within three years from the date of final settlement of the tax, he may request the tax authorities to refund the overpaid tax and add interest on the bank deposits during the same period, and the tax authorities shall immediately refund it after timely verification; If it involves withdrawing the treasury, it shall be returned in accordance with the provisions of laws and administrative regulations on treasury management.