Tax payment financial year
This query is : Resolved
05 February 2017
I have received tax refund with interest by the Income tax department via a bank demand draft dated in the last week of January 2017 and is valid for 3 months. My question when am I liable to pay tax on the interest received? As per the date of the DD or when I deposit the DD in my account? If I am liable to pay on depositing the draft then depositing in April 2017 gives me greater tax benefits as the tax has reduced from 10 to 5 percent. Please comment.
09 February 2017
no one has the answer so just closing this thread
19 October 2021
Yes, interest received on refund is taxable.
The interest is received in the DD itself, which is chargeable to tax on the date of issue of the DD.
The interest is received in the DD itself, which is chargeable to tax on the date of issue of the DD.
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