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Jan 14, 2011 · income tax refund receipt is capital receipt hence not taxable, but interest is part of P/L so taxable. Whole of the refund amount is not taxable. only the difference (i.e Interest )amount is taxable under the Head INCOME FROM OTHER SOURCE. it refund is a part of your income every time, e.g. when you are in employement income tax is deducted ...
Sep 21, 2013 · Replied 21 September 2013. Book profit for the purpose of calculation of remuneration to partners does not include income chargeable to tax under Income from house property, Capital gains and Income from other sources. Accordingly in the above case interest on Income tax refund is not taken in to account while computing book profit as the same ...
May 8, 2020 · Actually GST refund which we get is for the GST already paid (same is not expensed out rather it forms part of the Duties and Taxes i.e, Balance Sheet item). So now gst refund will be adjusted by duties and taxes ledger. Therefore GST refund will not form part of business income. Upgrade to CAclubindia Pro.
Jul 26, 2023 · Interest received on Income tax refund would be taxable under Income from other sources: Suppose income tax refund is 110 (Rs 10 Intt) then treatment in books will be as follow: individual: Bank a/c Dr 110. Individual Capital a/c Cr 100. Intt on IT Refund Cr 10. Partnership: Bank a/c Dr 110.
Jul 3, 2022 · Refund of CGHS amt Taxable. Dilip Gandhi (113 Points) 03 July 2022. My sister was BSNL Employee retired in Feb- 2018 has paid one time contribution of Rs.78000/- to became member of Central Govt Health insurance Scheme in Financial year 20-21 .BSNL has refund this amount Rs 78000/- in Financial year 21-22 said amount reflected in Tax Payer ...
Jul 9, 2007 · The is clear from fact that incometax is not allowed as deduction and so refund is not to be added.Income tax is not expances.However interest if any included in refund is taxable. piyush (income tax consultant) (19 Points) Replied 12 July 2007. refund is not taxable but interest is taxable in the head of other sources.
Mar 21, 2009 · Vipul is right. If the refund is earlier charged on expenses, it will be taxable; if not charged on expenses, it will not be taxable. If previous year 2007-08 vat payable liabiltiy paid in current year (2008-09)without provision in earlier year (2007-08)allowed as expenses in 2008-09 under Income tax act. Regards. paresh.
Jul 13, 2021 · Only the interest earned on refund should be taxable. The Form is as follows: Income from Other Sources. Gross income chargeable to tax at normal applicable rates. a Dividends, Gross. b Interest, Gross. i From Savings Bank. ii From Deposits (Bank/ Post Office/ Co-operative-Society) iii From Income-tax Refund.
Jul 31, 2010 · Interst on Refund will be taxable as Indirect Income. 02 August 2010 agreed, as indirect income. 03 August 2010 Refund amount need to credt against Income tax refund receivable (asset)in the books of the company. Some short / excess received should be transferred to the profit & loss a/c.
May 23, 2008 · 23 May 2008 Taxable. Head will differ from case to case. In your case Business/Profession appears to be correct. CA. Vineet Grover (Expert) interest on refund shall fall under income from other sources as the said interest donot relate to your business or profession. Upgrade to CAclubindia Pro.
