Refund
This query is : Open
30 August 2012
Is IT refund taxsble or exempt income?
Where it is mentioned in IT act?
Where it is mentioned in IT act?
K Srinivas, CMA CS
(Expert)
31 August 2012
IT refund is not an "Income" in the first place. It is just a Capital receipt and hence not taxable.
However, interest on IT Refund is an income and is taxable under Incoome from Other sources
However, interest on IT Refund is an income and is taxable under Incoome from Other sources
K Srinivas, CMA CS
(Expert)
31 August 2012
IT refund is not an "Income" in the first place. It is just a Capital receipt and hence not taxable.
However, interest on IT Refund is an income and is taxable under Income from Other sources
However, interest on IT Refund is an income and is taxable under Income from Other sources
Praveen Kumar Rathi
(Expert)
01 September 2012
Interest on Refund is taxable only into IFOS head.
Praveen Kumar Rathi
(Expert)
01 September 2012
you should credit refund part in your capital account, and interest part (income) in P&L a/c.
K Srinivas, CMA CS
(Expert)
01 September 2012
Agree with Praveen Kumar rathi 100%
Praveen Kumar Rathi
(Expert)
03 September 2012
Companies show TDS receivables in its assets side under Loans and Advances Part. so if they receive refund then principal part is eliminated by doing reverse entry and interest part will be shown in P&L .
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