Treatment of interest on Income Tax Refund
This query is : Resolved
19 April 2011
Dear All
I have received refund of Rs. 80,000/- Approx with Interest on that of Rs. 4500/- from IT Department on 13.04.2011.
But in my books as on 31.03.10 only TDS receivable was standing for Rs. 80,000/-
so please suggest me how I can treat the interest received. is as indirect income or anything else.
Please suggest.
Thanks
Bhoop Singh
I have received refund of Rs. 80,000/- Approx with Interest on that of Rs. 4500/- from IT Department on 13.04.2011.
But in my books as on 31.03.10 only TDS receivable was standing for Rs. 80,000/-
so please suggest me how I can treat the interest received. is as indirect income or anything else.
Please suggest.
Thanks
Bhoop Singh
19 April 2011
it will be treated as income from other sources . And will be taxable in the year of 2011-12 coz it will be taxed on receipts basis .
Thanks
it will be treated as income from other sources . And will be taxable in the year of 2011-12 coz it will be taxed on receipts basis .
Thanks
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