| Originally posted by : pankaj | ||
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IT refund is not taxable but interest on refund is taxable. |
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Agreed!!!!!!!!!!!!!!!!!!!!!!!!!!
| Originally posted by : pankaj | ||
|
|
IT refund is not taxable but interest on refund is taxable. |
|
Agreed!!!!!!!!!!!!!!!!!!!!!!!!!!
NO, its not, bcoz it was already part of our income in an earlier year. Bcoz it was part of our income, it was taxed in that year, so it can't be taxed again.
Intt. however is taxable.
I agree With Pankaj Answer.
if u already seen income tax refundable in assets side,it will be set off at the time of recive and interest amount will be taxable.
if u have not seen in the assets side it refund amount will be added in capital account
only interest on income tax refund is taxiable.
NO IT REFUND IS NOT TAXABLE. ONLY INTEREST RECEIVED ON IT REFUND IS TAXABLE UNDER HEAD INCOME FROM OTHER SOURCES.
Dear angad kr kannaujiya,
refund of Tax is not taxable for principle amount
but int on TDS should be taxable as part of income and taxable under the head of other sources
the refund is not taxable but the interest earned on it is taxable under other sources.
Income Tax Refund is not taxable in the hand of the an assessee because it's the previous year's income which has been assessed to tax. But interest on the same is liable to tax in the current assessment year as it has not been assessed earlier.
Refund is already Taxed.Only Interest part is taxable.
| Originally posted by : pankaj | ||
|
|
IT refund is not taxable but interest on refund is taxable. |
|
Yes i'm agree with pankaj, IT REUND In not taxable but, its interest is taxable
We have taken TDS (or Refund) as income of the pertaining year and paid the tax at the time of computing of tax liability, so no need to pay Income tax on reund of TDS again, but if this refund includs any part of interest on it then only interest part is libile ot pay IT on it and we show it as infcome of the preseeding year.
Income tax not taxable when refund beacuse income tax deposited time deduction is not allow As per income tax Act so refund of income tax is not taxable,but interest of income tax refund is taxable . interest on income tax shown in income from other source head
No, income tax refund is not taxable, but interest on income tax refund is taxable under the head "income from other source"
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