Interest income
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
26 April 2012
Dear expert,
I have received Rs. 2200/- interest on my income tax refund in AY 2011-12. Wheather should I show it as income from other sources in AY 2012-13 or not, as I heared that interest income is exempt upto Rs. 10000/- per annum.
Please advise me.
I have received Rs. 2200/- interest on my income tax refund in AY 2011-12. Wheather should I show it as income from other sources in AY 2012-13 or not, as I heared that interest income is exempt upto Rs. 10000/- per annum.
Please advise me.
Murtaza I Bhagat
(Expert)
26 April 2012
yes it is taxable under income from other sources
Rs. 10000/- is for interest on deposits & others not for refund interest, it is due to delay of dept which is not define its source so it will be taxable in receiving year
Rs. 10000/- is for interest on deposits & others not for refund interest, it is due to delay of dept which is not define its source so it will be taxable in receiving year
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