Expense on interest on income tax refund
This query is : Resolved
22 July 2019
Hi, it is well known fact Interest on income tax refund will be taxable under the umbrella of Income from Other Sources.
but simply reading the provision all expense related to generate that income is deductible expense as per the Income Tax Act. My query is that can we take deduction of fees paid to consultant for filing income tax refund ?
My understanding is that without filing that return i will not get this interest income so let me know fee paid to consultant is allowable or not ?
but simply reading the provision all expense related to generate that income is deductible expense as per the Income Tax Act. My query is that can we take deduction of fees paid to consultant for filing income tax refund ?
My understanding is that without filing that return i will not get this interest income so let me know fee paid to consultant is allowable or not ?
31 May 2020
Yes it is allowed as deductions.
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