Interest on income tax Refund
This query is : Resolved
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
23 May 2008
Taxable. Head will differ from case to case. In your case Business/Profession appears to be correct.
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
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.
Message likes :
1 times
02 June 2008
Thank U for the reply....
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
- CG Tax On residential property
- Post Office RD Interest
- Applicable TDS for Purchase of Flat from NRI
- Eway bill for machinery reparing
- Building and other construction workers welfare cess act 1996
- Gift of mutual fund units to daughter
- ITR 3 FILING OF AN INDIVIDUAL (PARTNER IN A PARTNERSHIP fIRM)
- Bank Accounts in Balance Sheet for ITR 3
- Form 10BD Filling
- TDS ON CASH WITHDRAWALS...
- Pan Card apply for Self help group
- Reporting of STCG on Property in ITR
- Error while filling exam form November 2026
- Delisted shares sold in off market/ Rebate u/s87A
- In Exports Sales HSN details where to fill
- Opting out" of regime provided under subsection (1A) of Section 115BAC but Form 10IEA is not filed.
- Difference in tax comparison report
- Gst invoice numbering and delivery challan numbering
- Sales amount in Gstr1
- E Commerce GSTR1 & 3B how to file
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
