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Interest on income tax Refund

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(Querist)
23 May 2008 Hi friend,
i would like to know whether interest received on incometax refund is taxable or not? if it is taxable under which head it is taxable ie under business or profession(in case of partner ship firm) or taxable under other sources.
Please reply
Thank U
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Shyam Lal Naik

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Shyam Lal Naik (Expert)
23 May 2008 Taxable. Head will differ from case to case. In your case Business/Profession appears to be correct.
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CA. Vineet Grover

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CA. Vineet Grover (Expert)
24 May 2008 Hi Raghu,

interest on refund shall fall under income from other sources as the said interest donot relate to your business or profession.

Rgds/
Vineet



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Manish Agarwal

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Manish Agarwal (Expert)
24 May 2008 Hi Raghu,

Interest on income tax refund is taxable under the head income from other sources.
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CA.Raghuveer.K

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CA.Raghuveer.K (Querist)
02 June 2008 Thank U for the reply....

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