IT Refund
Appala Raju Seeram (26 Points)
30 September 2017
Under which section IT Refund is exempted?
13 Replies
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(177765 Points)
Replied 30 September 2017
Income tax paid (so refund) is not income, and interest received over that is taxable.........
Appala Raju Seeram
(26 Points)
Replied 30 September 2017
Is there a specific section claiming such exemption in the IT Act?
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(177765 Points)
Replied 30 September 2017
SHIRISH S S
(Proprietor)
(1030 Points)
Replied 30 September 2017
Refund is a taxed income and cannot be retaxed.
RAJA P M
("Do the Right Thing...!!!")
(128091 Points)
Replied 30 September 2017
@ SHIRISH & Appala Raju.,
Income Tax Refund is not Income... It's our excess payment of Tax...
So, Excess payment is refundable..
Income Tax Refund is not Income... It's our excess payment of Tax...
So, Excess payment is refundable..
SHIRISH S S
(Proprietor)
(1030 Points)
Replied 30 September 2017
We pay taxes from our income only. If it is excess then it is refunded. So IT refund is part of income. Thats what i said.
RAJA P M
("Do the Right Thing...!!!")
(128091 Points)
Replied 30 September 2017
Nothing...
If you calculate your income Rs. 1... Then you ll be pay Tax Rs. 1... Then where you take the amount...?!
If you calculate your income Rs. 1... Then you ll be pay Tax Rs. 1... Then where you take the amount...?!
Appala Raju Seeram
(26 Points)
Replied 01 October 2017
My question is if the IT Refund is credited to P&L A/c, how can I deduct it from income in the ITR? Can I show it under exempted income credited to P&L A/c?
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(177765 Points)
Replied 01 October 2017
Only intrest part is added to P& L account and is assessed under 'Income from other sources'... while basic refund amount is directly credited to capital account.......
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(177765 Points)
Replied 01 October 2017
Credited to tax provisions account......
RAJA P M
("Do the Right Thing...!!!")
(128091 Points)
Replied 01 October 2017
Actually we not show the INCOME TAX paid amount in PandL account. It's transferred to Capital account...
Also the same way the Refund amount to Capital account not in PandL account...
Also the same way the Refund amount to Capital account not in PandL account...
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