Interest on income tax Refund

This query is : Resolved 

23 May 2008 Hi friend,
i would like to know whether interest received on incometax refund is taxable or not? if it is taxable under which head it is taxable ie under business or profession(in case of partner ship firm) or taxable under other sources.
Please reply
Thank U

23 May 2008 Taxable. Head will differ from case to case. In your case Business/Profession appears to be correct.

24 May 2008 Hi Raghu,

interest on refund shall fall under income from other sources as the said interest donot relate to your business or profession.

Rgds/
Vineet


24 May 2008 Hi Raghu,

Interest on income tax refund is taxable under the head income from other sources.

02 June 2008 Thank U for the reply....



You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now

Join CCI Pro
CAclubindia's WhatsApp Groups Link


Similar Resolved Queries


loading


Unanswered Queries