Taxability of income - on refund of income tax
This query is : Resolved
09 August 2012
May i know whether tax is deducted on the refund of income tax & what is the statue limit.?
I have read a case on this issue where the amt recd on Refund of income tax is chargeable under sec 2(24).
This is ridiculous if any amt is deducted on refund of income tax.
Please clarify.
Thanks & Regards
P Dandekar.
I have read a case on this issue where the amt recd on Refund of income tax is chargeable under sec 2(24).
This is ridiculous if any amt is deducted on refund of income tax.
Please clarify.
Thanks & Regards
P Dandekar.
10 August 2012
1. Refund of Income Tax is NOT taxable.
2. INTEREST on refund of income tax is taxable.
3. If the amount of interest exceeds Rs. 5,000 then TDS will be deducted u/s 192A.
2. INTEREST on refund of income tax is taxable.
3. If the amount of interest exceeds Rs. 5,000 then TDS will be deducted u/s 192A.
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