Interest on Income tax Refund
This query is : Resolved
18 March 2009
An salaried individual has received interest on income tax refund in A.Y.2009-10. The refund is received after 20 yrs since a case was going on with the dept. Now what will be the tax treatment since the interest received on income tax refund is for 20 yrs? Will it be taxable wholly under the head 'Income from other sources'? Can it be set off against any losses? Will the interest paid on hypothication of movable asset be allowed to set off against this income?
18 March 2009
Interest will be taxable as income from other sources. Interest paid on loan cannot be adjusted against it. Yes, you can set off only those losses against it which can be set off against income from other sources in normal cases.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Refund Annexure-B
- Nomination of Bank for refund in itr 2
- Section 56(2) of the Income tax Act 1961 , Gift to relative .
- Sale of Equity shares for Purchase of Residential Property
- Liable to deduct tds and 44ADA
- Two seprate Invoice needed
- Payment to foreign customer
- Non issue of e way bill
- ECO SUPPLY REPORTIONG IN GSTR-1
- E Commerce GSTR1 & 3B how to file
- Internship/Academic shown in Salary Pay Slip of a Doctor
- TDS PROCEDURE ON SALE OF IMMOVABLE PROPERTY BY NRI
- Refund of 20%pre-deposit paid for stay application
- ASISSE return under the provisions of the Collection of Statistics Act, 2008 (7 of 2009)
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
- GST Refund_RFD-01
- Form10BD was uploaded successfully without any Error but after 24 hours, Form10BE are not available
- Annexure B utility for GST Refund
- Tax amount diff in Gstr1 and 3B in tax compare reports
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
