i have solve one example in that IT refund Principle amt 15000/- and interest 1500/- total 16500/-
so my query is if this amt less in net profit under income treated seprate then why interst amt again take in income from other source.
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interest on IT Refund
Replies (8)
interest on refund is taxable as income from other source as you getting refund amount over and above what you claimed in your return
sir give me u r email i send pdf in that u see what i exactly want
sir give me u r email i send pdf in that u see what i exactly want
please explain your query properly. not able to understand what you want to say
sir 16500 ye jo amt he use net profit mese less kiya he ok
to phir se uska interest amt 1500 fir se kaise add kiya he income from other source
interest on refund is not taxable under business income hence it is first reduced while computing business income and then again added to taxable income by showing it under other sources
ok ty sir
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