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is IT refund taxable or not


Angad kr kannaujiya (Studant)     14 January 2011

Angad kr kannaujiya
Studant 
 4 likes  169 points

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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 .
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Pankaj Arora

Pankaj Arora (Learner)     14 January 2011

Pankaj Arora
Learner 
 225 likes  3124 points

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

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Sonam Bidasaria

Sonam Bidasaria (CA)     14 January 2011

Sonam Bidasaria
CA 
 95 likes  770 points

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Agree with the above answer.

Batul

Batul (Article assistant)     14 January 2011

Batul
Article assistant 
 8 likes  207 points

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IT refund is not taxable

But the interest earned on such refund is taxable..

AASHISH

AASHISH (CA)     14 January 2011

AASHISH
CA 
 1 likes  77 points

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

 CA Somnath Sarkar

CA Somnath Sarkar (in between jobs)     14 January 2011

CA Somnath Sarkar
in between jobs 
 51 points

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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.

Nilesh Jain

Nilesh Jain (Assistant Manager)     14 January 2011

Nilesh Jain
Assistant Manager 
 102 likes  1064 points

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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.

U S Sharma

U S Sharma (glidor@gmail.com)     14 January 2011

U S Sharma
glidor@gmail.com 
 1741 likes  21031 points

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

HASSAAN IQBAL GONDALWALA

HASSAAN IQBAL GONDALWALA (ARTICLE ASSISTANT)     14 January 2011

HASSAAN IQBAL GONDALWALA
ARTICLE ASSISTANT 
 2 likes  48 points

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Whole of the refund amount is not taxable.

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

binit kumar jindal

binit kumar jindal (chartered accountant)     14 January 2011

binit kumar jindal
chartered accountant 
 8 likes  129 points

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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

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