IT Refund
Appala Raju Seeram (26 Points)
30 September 2017
Under which section IT Refund is exempted?
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(166227 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
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(166227 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...!!!")
(127911 Points)
Replied 30 September 2017
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...!!!")
(127911 Points)
Replied 30 September 2017
Appala Raju Seeram
(26 Points)
Replied 01 October 2017
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(166227 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.)
(166227 Points)
Replied 01 October 2017
Credited to tax provisions account......
RAJA P M
("Do the Right Thing...!!!")
(127911 Points)
Replied 01 October 2017
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