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Refunds received from IT Department
Wanted to know whether any refunds received from IT Department in the previous year is exempt from Income Tax please. Thanks
Replies (2)
Refund is exempted but interest on refund is taxable under head Income from Other Sources.
Income tax is levied on income.
Whether refund received from IT department is not subject to income.
So there is no question for income tax on refund.
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