Hi,i got refunded 750/- from indian railways this financial year which was shown as expense in last financial income tax return.do i have to show to show it as an income in this financial year return?is the refund i got is taxable income from other souces?
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Refunds from indian railways under other income head
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under which head did you claim it as an expense
i just booked train ticket on 18/03/2012 for date of journey on 15/04/2012 and showed it as expense under travel expense in last income tax return,but i cancelled that train ticket on 03/04/2012 and got refunded that amount on 07/04/2012.do i need to show that refunded amount as income from other sources or just leave it alone.
You can show it as refund and add in income from other sources or credit this income in train expenses in this year, so your expense will go down in current year by Rs. 750
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