Latest Expert Exchange Queries
sitemapHome | Registration | Job Portal for CA's | Expert Exchange | Currency Converter | Post Matrimonial Ads | Post Property Ads
 
 
News shortcuts: From the Courts | News Headlines | VAT (Value Added Tax) | Service Tax | Sales Tax | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Indirect Tax | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing
 
 
 
 
Popular Search: empanelment :: ARTICLES ON INPUT TAX CREDIT IN VAT :: articles on VAT and GST in India :: VAT Audit :: due date for vat payment :: TAX RATES - GOODS TAXABLE @ 4% :: TDS :: form 3cd :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: cpt :: list of goods taxed at 4% :: ACCOUNTING STANDARD :: ACCOUNTING STANDARDS :: Central Excise rule to resale the machines to a new company :: VAT RATES
 
 
General »
 Simplified one page Income Tax Return Form: Changes to keep in mind before filing tax return for AY2017-18
  No proposal to replace Income Tax with Banking Cash Transaction Tax
 GST coming July 1 despite calls for delay: Revenue Secretary Hasmukh Adhia
 Centre introduces provision of taxation on NPS in Income Tax Act
 Income Tax Department Clarifies On Cash Withdrawal From Banks, Post Offices
 The Goods And Services Tax (Compensation To States) Bill, 2017
  Goods and Service Tax (GST) and Real Estate Sector
 New Income Tax Rules On Home Loan Come Into Effect
 Here's how late filers can save on stress and taxes
 Clarifications on the Taxation and Investment Regime for Pradhan Mantri Garib ?Kalyan Yojana, 2016
 Companies should invest in upgradation of tax technology

Any interest on tax refunds is taxable
December, 18th 2012

My daughter is 12 years old. My father-in-law, who passed away last month, left her an FD of R80,000. The interest earned on the FD is R8,000 per annum. Does my daughter need to acquire PAN and file returns on the amount of interest?

There is no requirement for your minor daughter to acquire PAN and file returns. Such income can be clubbed with the income of either the parents (when the marriage of the parents subsists) whose income before such clubbing is higher. If the marriage of the parents does not subsist, such income is clubbed in the hands of the parent maintaining the child. Also, the parent with whom the minor’s income is clubbed can avail an exemption under Section 10 (32) for an amount of R1,500.

I filled my returns for AY10, claiming a refund of R10,055. I received a refund order for a higher amount. The letter from the IT department bifurcated the balance as interest. Is the interest taxable?
Anup Roy

The amount in excess of the refund claimed is interest under Section 244A paid to you by the I-T department. Such interest is payable where any refund arises due to any excess payment of tax and is payable at 0.5% per month, or part of a month from the first day of the assessment year to the date of grant of refund.
The interest is taxable in the year of receipt under the head, ‘income from other sources’.
Is there a need to disclose agricultural income

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Integrated Software Solutions Integrated Software Development Integrated Software Services Integrated Software Solutions India Integrated Softw

Transfer Pricing | International Taxation | Business Consulting | Corporate Compliance and Consulting | Assurance and Risk Advisory | Indirect Taxes | Direct Taxes | Transaction Advisory | Regular Compliance and Reporting | Tax Assessments | International Taxation Advisory | Capital Structuring | Withholding tax advisory | Expatriate Tax Reporting | Litigation | Badges | Club Badges | Seals | Military Insignias | Emblems | Family Crest | Software Development India | Software Development Company | SEO Company | Web Application Development | MLM Software | MLM Solutions