Hi all, please help
What is the Tax treatment of Accident compensation received ? Please quote relevant section/case law.
CA CS Amit Borade
(Chief Accountant)
(2828 Points)
Replied 23 July 2009
Hi Ritesh
There is a article on Accident compensation n Students Newsletter of ICAI its really gud 1.
I think it s n March/ April/ May newsletter... Please refer that.
Anumanchipalli Sathikonda
(Tax Consultant)
(1349 Points)
Replied 24 July 2009
Mr. Ritesh
and
Mr.Amit Keep Smiling
If that compensations falls under the ambit of section 10(10B) of Income-tax Act, it is an exempted income. Please refere the section for more clarification.
Best Wishes
Sathikonda
CAclubindia
