A_B_B (Compliance) (55 Points)
30 August 2018Hi, I just noticed that in AY 2018-19 even income tax refund in previous year is being asked for and even getting taxed.
In ITR for AY 2018-19, under other sources section, there is a field for income tax refund from previous year. And to my surprise, that is also being taxed.
For previous year, I had 2200 IT refund and now aprox. 450 rs is being deducted as tax.
Is that correct?
Jatin Gada
(searching job)
(151 Points)
Replied 30 August 2018
Interest received on income tax refund is taxable under head income from other source.
A_B_B
(Compliance)
(55 Points)
Replied 12 July 2019
But where do I see a break up of refund and interest?
Jatin Gada
(searching job)
(151 Points)
Replied 13 July 2019
When u file income tax return, you receive intimation u/s 143 in that there is break up of Income tax Refund and Interest on refund.
Even u can know the figure from Computation of income where u show tax payable amount.
And What actually u received. Difference is Interest on refund.
CAclubindia
