Is refunds from credit card taxable

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4 Points Posted on 23 February 2021

Hi,

If I'm having refund of 40 lakhs in my account from online spends from credit card. So will it be taxable.

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On 23 February 2021 at 22:35 Report
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Quick Summary
This discussion clarifies whether refunds received on credit card spending are taxable. Generally, refunds for cancelled online purchases, even if processed through a wallet and then a bank account, are not considered taxable income. This is because they represent a return of funds for goods or services not received, rather than profit.

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Chartered Accountant
24588 Points Posted on 24 February 2021
Yes it is taxable
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On 24 February 2021 at 06:36
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17269 Points Posted on 24 February 2021
Refund !! what type of !! please clarify.

if it's excess paid then refund is capital receipt and not taxable.
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On 24 February 2021 at 11:40
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4 Points Posted on 24 February 2021

Hi,

For example,

If I'm ordering something from online website through credit card and then cancelling the order but I'm taking the refund in wallet and then bank account.

So will it be taxable.

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On 24 February 2021 at 11:48
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17269 Points Posted on 24 February 2021

No. Not at all. 

1 Reply
On 24 February 2021 at 12:50

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