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WHETHER INCOME TAX REFUND IS TAXABLE

Others 19951 views 3 replies

AN EMPLOYER HAS INCLUDED INCOME TAX REFUND IN THE INCOME OF AN EMPLOYEE.

ANY BODY CAN TELL ANY CASE LAW OR SECTION TO INFORM THE EMPLOYE NOT TO INCLUDE THE INCOME TAX REFUND IN MY COMPUTATION OF INCOME. ONLY INTEREST ON INCOME TAX REFUND CAN BE INCLUDED IN THE COMPUTATION OF INCOME TAX.

 

Replies (3)
Income tax refund is not taxable. only interest on income tax refund is taxable, which comes under the head income from other sources
The is clear from fact that incometax is not allowed as deduction and so refund is not to be added.Income tax is not expances.However interest if any included in refund is taxable
refund is not taxable but interest is taxable in the head of other sources


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