Interest on income tax Refund
This query is : Resolved
CA.Raghuveer.K
(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
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
Shyam Lal Naik
(Expert)
23 May 2008
Taxable. Head will differ from case to case. In your case Business/Profession appears to be correct.
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
interest on refund shall fall under income from other sources as the said interest donot relate to your business or profession.
Rgds/
Vineet
Manish Agarwal
(Expert)
24 May 2008
Hi Raghu,
Interest on income tax refund is taxable under the head income from other sources.
Interest on income tax refund is taxable under the head income from other sources.
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CA.Raghuveer.K
(Querist)
02 June 2008
Thank U for the reply....
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