Exemption
This query is : Resolved
Dharmendra Rathi
(Querist)
27 February 2013
Income Tax refund is exempt under which section of Income Tax Act,1961?
CA Mahavir Shah
(Expert)
27 February 2013
Income Tax Refund has 2 components.
One is towards refund amount which we claimed in return and other is Interest.
From this two Interest is only Taxable whereas other is towards refund of Excess Tax paid.
So it will never be taxed.
One is towards refund amount which we claimed in return and other is Interest.
From this two Interest is only Taxable whereas other is towards refund of Excess Tax paid.
So it will never be taxed.
Dharmendra Rathi
(Querist)
05 March 2013
thanx a lot sir
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