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Treatment of income tax refund in calculation of total income of individual
income tax refund cr in profit and loss a/c Rs 15000 principle and 1500 interest . what is the treatment of this in total income
Replies (2)
Principal amount gets adjusted to tax provision (if made...) and the interest amount is credited to interest income on IT refund, which is taxable...
Interest portion in Refund amount is taxable under income from other sources and it is seperately disclosed in ITR.
Here interest 1500/- is taxable under IFOS
Here interest 1500/- is taxable under IFOS
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