is IT refund taxable or not

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Hi Dear all, is IT refund taxable or not, or should be it captilised in case of individual and partnershoip firm and company ? thanks in advance .
Replies (45)

 

IT refund is not taxable but interest on refund is taxable.

Agree with the above answer.

IT refund is not taxable

But the interest earned on such refund is taxable..

Only Interest on such Income tax refund is taxable....

IT u piad is personal nature exp. This type of exp. can't be deducted and refund of these type of exp can't be taken as income, for income tax purposes.

only interest part is taxable. because we never claim Income tax paid as a expense so refund is also not treated as income and hence exempt.

income tax refund receipt is capital receipt hence not taxable, but interest is part of P/L so taxable

Whole of the refund amount is not taxable.

only the difference (i.e Interest )amount is taxable under the Head INCOME FROM OTHER SOURCE.

it refund is a part of your income every time, e.g. when you are in employement income tax is deducted from your salary and you already add this part in your gross total income , other example in contractorship tds deducted in that case also total income includes tds paid hence it already taken as income and if tax was not applicable in your income then you can took this tds in your b/s as current assets

 

he amount of refund is not taxable.

However, interest received on tax refund is taxable. In the above instance interest received is Rs 550 and hence only this amount will be taxable.

The rate of tax would be as per your applicable slab rate. You may include it in the taxable income of the year in which such refund is received.

No IT refund is not at all Taxable.

Yes it is to be capitalised.......

Originally posted by : pankaj

 

IT refund is not taxable but interest on refund is taxable.

agree.......

 


 

IT refund is not taxable but interest on refund is taxable.

Interest on such Income tax refund is taxable.

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