Income tax refund individual

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166 Points Posted on 12 July 2023
sir / madam

income tax refund is income or capital for individual filing, pls explain
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On 12 July 2023 at 17:27 Report
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Quick Summary
This discussion clarifies whether an individual's income tax refund is treated as income or capital for tax purposes. It explains that while the refund itself is generally not considered income, any interest earned on that refund is taxable under the 'income from other sources' category.

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"Do the Right Thing...!!!"
128157 Points Posted on 12 July 2023
INCOME TAX REFUND should be transferred to Capital...
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On 12 July 2023 at 18:52
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125 Points Posted on 12 July 2023
And interest on income tax refund is chargeable to tax under other sources.
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On 12 July 2023 at 21:16
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"Do the Right Thing...!!!"
128157 Points Posted on 13 July 2023
Yes, Interest on Income Tax refund is chargeable to Income head it's under Income from other sources..
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On 13 July 2023 at 05:45

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