Itr1
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
22 July 2013
sir,
plz me following adjustments
is refunf of last year is taxable in current year
and if interest on refund is taxable in current year
plz me following adjustments
is refunf of last year is taxable in current year
and if interest on refund is taxable in current year
Ganeshbabu K
(Expert)
22 July 2013
only interest on refund is taxable under the head other sources
Message likes :
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CMA Ramesh Krishnan
(Expert)
22 July 2013
No, Income tax refund is not taxable, it is just the return back the money which you already paid excess to Government, so no income element involved so not taxable
Only Interest on Income tax refund is taxable under Income from other sources.
Only Interest on Income tax refund is taxable under Income from other sources.
Message likes :
1 times
23 July 2013
INCOME TAX REFUND IS NOT TAXABLE.
Int of any recieved on such refunded income tax is taxable under the head income from other source.
Int of any recieved on such refunded income tax is taxable under the head income from other source.
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