Why Interest on Income tax refund is taxable?
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
10 October 2010
An assessee charges interest on refund receivable from IT Dept. and it is charged because of delay by IT Dept.
Then making interest on refund taxable is nothing but a LOOT of assessees.
Then making interest on refund taxable is nothing but a LOOT of assessees.
10 October 2010
Even the interest received due to Department delay, but this is income of the assessee, so taxable
19 October 2010
Simple, it is an income from other source.
20 October 2010
Dear
As per Sec 56 of IT Act, Interest Income is chargeable as other income. This section does not specified source. so any interest income is chargeable
As per Sec 56 of IT Act, Interest Income is chargeable as other income. This section does not specified source. so any interest income is chargeable
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Where to show the RCM on Rent paid to unregistered landlord
- Is Aadhar PAN linking required for opening bank account?
- Applicability
- CPC Processing IT Return for AY 2023-24 without recognizing the Taxation Option under New Regime
- Offsetting interest income against derivative trading losses
- RCM - commercial rent paid to URP under GST
- TDS NUMBER SURRENDER
- Legal heir raised refund , but refund issued to the closed account of deceased.
- Gst Sales of FY 2023-24
- GSTR-3B - Do I file nil when there is no sale but I've bought raw materials
- Whether still royalty
- 20% OF DEMAND PAYMENT IN APPEAL
- Issue of gst e invoice
- Interchangeable words in accounts
- Adjusted profit/Loss in the case of LLP and Pvt. Ltd.company
- How to adjusted advances given or receipt
- Foreign vendor without PAN unable to to register due to non receipt of OTP on foreign number ?
- 133(6) DIN INVALID format error - ->WHERE TO REPLY 133(6) notice?
- Query for dubts
- Regarding Resignation by Auditor from Pvt. Ltd.
Trending Online Classes
-
Excel Mastery Program
CA Rishabh Pugalia
CAclubindia
