Taxability of interest on it refund
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
27 January 2016
Can interest received on IT refund be credited to P & L account and set off against interest on loans debited to P & L account in the case of a Firm ? What is the tax impact ?
27 January 2016
No interest on Tax refund you have to declare from income from other sources, you can not claim any expenses.
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27 January 2016
1. Yes can be credited to P & L
2. Set off with interest expenses is against' matching principle'.
3. Taxable and to be offered as income under the head 'income from other sources'.
2. Set off with interest expenses is against' matching principle'.
3. Taxable and to be offered as income under the head 'income from other sources'.
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