Refunds received from IT Department

29 May 2017

Wanted to know whether any refunds received from IT Department in the previous year is exempt from Income Tax please. Thanks

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CA Rashmi Gandhi (Chartered Accountant) (86323 Points)
Replied 29 May 2017

Refund is exempted but interest on refund is taxable under head Income from Other Sources.

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PRABIR PAUL (*****Accountant***** Never insult to any person for any kind of lack of knowledge or misread.) (1448 Points)
Replied 29 May 2017

Income tax is levied on income.

Whether refund received from IT department is not subject to income.

So there is no question for income tax on refund.

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