Hello members, just wanted to know if I get principle amount of any investement in my account returned after the investment period is over, is that considered as under EXEMPT ICOME? For eg if LIC policy matures and my principle given was 50000/- and bonus and interest was 12000/- so is entire 62000 exempt income or just 12000 is exempt income?? Similarly incometax refunds in accounts are trated as exempt income or it has to be shown nowhere (ignore) in ITR? I think all this is my money that has been returned to me, not income, please comment
Menu
Exempt income query
Replies (3)
income tax refund is not exempt income and required to show in return , it is paid by assessee from his/her income,
interest on refund (if received) is taxable as income from other source"
1. Amount recieved on maturity of Life Insurance policy id fully exempted.
2. Interest received on Income tax refund is taxable.
1. Amount recieved on maturity of Life Insurance policy is fully exempted.
2. Interest received on Income tax refund is taxable.
Recent Topic
- FEMA compliant structure
- Tax obligation in AY 2026-27
- EFILING ITR2 FROM COMMON FILING UTILITY
- SBI gold bond interest
- PPF Interest Exempt - But what drop down to choose
- Itr2 or itr3 intraday trade 1 loss of 70 paise
- Calculation of IT
- CA FINAL FR IndAS 33 Doubt(Corrected)
- Clarification Needed: Reporting Accrued vs Paid FD
- TDS on prize given to participants in Livestock sh
Related Topics
CAclubindia
