banner_ad

Is the interest on income tax refund is taxable

This query is : Resolved 
Profile Image

Profile Image

(Querist)
28 December 2013 Hi all, Will the interest on income tax refund is taxable ? If yes ,why the interest on late filing of income tax returns and late payment (234a,b,c) is not allowed as an expense ?
Profile Image

CA SURENDRA KUMAR RAKHECHA

Profile Image

CA SURENDRA KUMAR RAKHECHA (Expert)
28 December 2013 1. Interest on Income Tax Refund is TAXABLE because it is not TAX FREE. See Section 10 of the Income Tax Act.
.
.
2. Interest on late filing of income tax returns is NOT ALLOWABLE

because

interest paid to run the business is deductible.

And late filing of the returns is NOT REQUIRED to run the business.
.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now


CCI Pro
Join CAclubindia WhatsApp Finance Community & stay updated with the latest TAX news, compliance alerts and important updates all in one place!


Similar Resolved Queries


loading


Unanswered Queries


banner

Trending Online Classes

view all classess

CCI Pro
Meet our CAclubindia PRO Members
Subscribe Now

Follow us
add to google news



Answer Query



Quick Links



Browse by Category




Latest Job Openings

View all
Company
Featured 27 May 2026
Lead Conversion Executive / Sales Closing Executive

SMJ global advisors pvt ltd

New Delhi

B.Com

View Details
Company
22 May 2026
Audit assistant

Displayandbeyond

Mumbai

CA

View Details
Company
18 May 2026
MIS Executive

Primarc Pecan Retail Limited

Mumbai

B.Com

View Details
Company
26 May 2026
Audit executive

vdsr & co LLP

Chennai

CA Inter

View Details
Company
19 May 2026
Fundraising Expert

MentorsWorld Ventures Private Limited

Ahmedabad

Others

View Details
Company
23 May 2026
Account Executive

SMJ global advisors pvt ltd

New Delhi

B.Com

View Details
Company
23 May 2026
Article Assistant

Geeta Manchanda & CO.

New Delhi

CA Inter

View Details
Company
ARTICLESHIP 04 June 2026
Article

Rakhecha & Co.

New Delhi

CA Inter

View Details