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is IT refund taxable or not

Page no : 2
Samir

Samir (Chief Accountant)     14 January 2011

Originally posted by : pankaj

 

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

 Agreed!!!!!!!!!!!!!!!!!!!!!!!!!!

Satvir Singh

Satvir Singh (Newly minted CA)     15 January 2011

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.

1 Like
TIK@M GUPT@

TIK@M GUPT@ (Job)     15 January 2011

I agree With Pankaj Answer.

Gopal Sengar

Gopal Sengar (CA STUDENT)     15 January 2011

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

CA Biswaranjan

CA Biswaranjan (job)     15 January 2011

only interest on income tax refund is taxiable.

Piyush Agarwal

Piyush Agarwal (Service)     15 January 2011

NO IT REFUND IS NOT TAXABLE. ONLY INTEREST RECEIVED ON IT REFUND IS TAXABLE UNDER HEAD INCOME FROM OTHER SOURCES.

M .K. Jha

M .K. Jha (CA Final)     15 January 2011

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

SUNNY

SUNNY (CA Final & CS Professional)     15 January 2011

the refund is not taxable but the interest earned on it is taxable under other sources.

Naman

Naman (Accountant)     15 January 2011

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.

CA Himanshu Bansal

CA Himanshu Bansal (Risk Manager)     16 January 2011

Refund is already Taxed.Only Interest part is taxable.

VINOD KUMAR JANGRA

VINOD KUMAR JANGRA (STUDENT)     16 January 2011

Refund of income tax is not taxable because this is part of income which arise in that previous year in which tax are paid. And if tax refund is part of TDS than in that previous year we icnclude gross income for caculation of taxable income. once income is taxable then no tax on that income levied again but interest on refund is arise at the time of refund so it taxable.....
VANDANA

VANDANA (MCOM II ICWAI INTER Working as an ACCOUNTANT BCOM 1ST CLASS)     17 January 2011

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

Hitender Gaur

Hitender Gaur (Consultant(MBA -Finance))     17 January 2011

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.

gaurav khandelwal

gaurav khandelwal (Article)     17 January 2011

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

NARENDER PAWAR

NARENDER PAWAR (CA final Student)     19 January 2011

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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