Treatment of Income Tax Refund
This query is : Resolved
23 July 2010
I want to know if the amount received as income tax refund is taxable or not? if not than under which section?
CA.JAYAKUMAR.J
(Expert)
23 July 2010
hi
amount recieved as refund is not taxable, only interest on refund given is taxable, difference between the amount recieved and claimed would be interest on refund.
amount recieved as refund is not taxable, only interest on refund given is taxable, difference between the amount recieved and claimed would be interest on refund.
Message likes :
1 times
CA Sanat Pyne
(Expert)
24 July 2010
Income tax refund is nothing but whatever you paid extra.As income tax paid is not exp income tax refend is also not income. only interest part will be taxable.
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
- Opting out" of regime provided under subsection (1A) of Section 115BAC but Form 10IEA is not filed.
- "Please ensure that the Total of the Deductions u/s 54F match the same in Table D in Sch CG"
- Need to correct "Whether it is last installment " response in Form 26 QB
- " Income from House Property " in joint names of co-owners
- REGARDING TDS RETURN OF FORM 27Q
- Notice under e-Verification Scheme
- GST demand notice for ITC reversal against exempted supply.
- RCM ON SECURITY CHARGES FROM INDIVIDUALS
- How to get money back from delisted company
- ITC not to be taken in accounts & GSTR-3B
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
