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.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Off Market debit and credit transaction
- Showing Gift from relative in ITR for this year
- Short Term Capital gain on shares bought and sold after 2018 onwards
- Share accounting-->fifo - capital gain - period as per fifo?
- ITR selection for salaries and capital gain less than L
- Soyabean hsn code and gst rate
- Treatment of Pension ?annuity returns on PMVY
- ITR filing- non tax audit cases- Asstt.Year 2026-2027
- ITR returnFY25-26
- NON- SUBMISSION OF LLP FORM 3
- TDS on payment to CHA as per new section
- Sale of Forign Shares
- INCOME TAX ON REDEVELOPEMENT OF FLAT
- Form 10E u/s 89(1). Need clarification because experts opinions differ !!!!
- Gst invoice numbering and delivery challan numbering
- Standard Deduction claim for EPFO Pension and ICICI Prudential Life Annuity
- Small dealers gst returns filing
- Sales amount in Gstr1
- CG after sale of flat
- E Commerce GSTR1 & 3B how to file
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
