Treatment of Income Tax Refund
This query is : Resolved
23 July 2010
I want to know if the amount received as income tax refund is taxable or not? if not than under which section?
23 July 2010
hi
amount recieved as refund is not taxable, only interest on refund given is taxable, difference between the amount recieved and claimed would be interest on refund.
amount recieved as refund is not taxable, only interest on refund given is taxable, difference between the amount recieved and claimed would be interest on refund.
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24 July 2010
Income tax refund is nothing but whatever you paid extra.As income tax paid is not exp income tax refend is also not income. only interest part will be taxable.
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