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Exemption

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27 February 2013 Income Tax refund is exempt under which section of Income Tax Act,1961?
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CA Mahavir Shah

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CA Mahavir Shah (Expert)
27 February 2013 Income Tax Refund has 2 components.
One is towards refund amount which we claimed in return and other is Interest.
From this two Interest is only Taxable whereas other is towards refund of Excess Tax paid.
So it will never be taxed.
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Dharmendra Rathi

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Dharmendra Rathi (Querist)
05 March 2013 thanx a lot sir
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