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Vat refundable

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Querist : Anonymous (Querist)
17 April 2015 If some one claim that he has vat refundable for a financial year. Then in this case income tax is applicable on vat refundable or have we to include it for income tax calculation when we get refund.
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CS,CA F,Numrologi TusharSampat

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CS,CA F,Numrologi TusharSampat (Expert)
17 April 2015 since vat paid is allowed as deduction while computing business income then vat refund when recieved will be taxable as business income only.
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