sir / madam
income tax refund is income or capital for individual filing, pls explain
3 Replies
RAJA P M
("Do the Right Thing...!!!")
(128091 Points)
Replied 12 July 2023
INCOME TAX REFUND should be transferred to Capital...
Deepak Jha
(125 Points)
Replied 12 July 2023
And interest on income tax refund is chargeable to tax under other sources.
RAJA P M
("Do the Right Thing...!!!")
(128091 Points)
Replied 13 July 2023
Yes, Interest on Income Tax refund is chargeable to Income head it's under Income from other sources..
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