Refund of Income Tax

tax refunded not chargeable whereas interest paid on refund is chargeable under the head income from other source.

interest on Income Tax refund then it is 1/2% (half percent) per month from the date of filing ITRs to the date of issue if the refund.

Hi Friends

Its again time to file ITR. If any body wanna file his/her return and want his refund (if applicable) may contact to me on :-

Email -    nitinsgrover @ gmail.com

Phone No. 9582009494

Regards

CS Nitin Grover

(Company Secretaries and Taxation cum Financial Consultant)

Dear Friends

1. If earlier TDS deduct fom Capital account then

Income Tax Refund will be added / transfer to Capital Account and Interest on this will be treated as taxable Income from Other Sources and it will also be transfered to Capital Account

2. If earlier TDS not deduct from capital account (ie. Stand in assets side) then

   a. if amount received less than from amount stand in assets side,  then amount deduct from capital account  to the extent of less amount received and intt. will  be treated as taxable Income from Other Sources and it will also be transfered to Capital Account

   b. if same amount received then no any adjustment requried but interest will be  treated as taxable Income from Other Sources and it will also be transfered to Capital Account.