Why Interest on Income tax refund is taxable?
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
10 October 2010
An assessee charges interest on refund receivable from IT Dept. and it is charged because of delay by IT Dept.
Then making interest on refund taxable is nothing but a LOOT of assessees.
Then making interest on refund taxable is nothing but a LOOT of assessees.
10 October 2010
Even the interest received due to Department delay, but this is income of the assessee, so taxable
19 October 2010
Simple, it is an income from other source.
20 October 2010
Dear
As per Sec 56 of IT Act, Interest Income is chargeable as other income. This section does not specified source. so any interest income is chargeable
As per Sec 56 of IT Act, Interest Income is chargeable as other income. This section does not specified source. so any interest income is chargeable
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