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Querist : Anonymous

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Querist : Anonymous (Querist)
22 July 2013 sir,

plz me following adjustments

is refunf of last year is taxable in current year

and if interest on refund is taxable in current year
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Ganeshbabu K

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Ganeshbabu K (Expert)
22 July 2013 only interest on refund is taxable under the head other sources
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CMA Ramesh Krishnan

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CMA Ramesh Krishnan (Expert)
22 July 2013 No, Income tax refund is not taxable, it is just the return back the money which you already paid excess to Government, so no income element involved so not taxable

Only Interest on Income tax refund is taxable under Income from other sources.
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CS,CA F,Numrologi TusharSampat

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CS,CA F,Numrologi TusharSampat (Expert)
23 July 2013 INCOME TAX REFUND IS NOT TAXABLE.

Int of any recieved on such refunded income tax is taxable under the head income from other source.

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