Accidendent compensation
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
12 December 2018
Mr x while travelling in bus met with an accident. Front teeth and chin were seriously damaged and hospitalised. He claim compensation. For which court ordered to give compensation of Rs. 600000 as compensation and Rs.314200 as interest on compensation during the Financial year 2017-18 to unted insurance compensation. The amount was received by the assessee during 2017-188. Give me the tax impact
14 December 2018
The amount received as compensation is a capital receipt not liable to tax.
The amount received as interest on compensation shall be taxable (without any deduction)
[S.145A had been replaced.]
prateek63@yahoo.co.in
The amount received as compensation is a capital receipt not liable to tax.
The amount received as interest on compensation shall be taxable (without any deduction)
[S.145A had been replaced.]
prateek63@yahoo.co.in
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- WRONG GSTR7 ENTRIES ACCEPTED ERRONEOUSLY
- Expert Help Required for TDS Refund 100000 Through TRACES – AY 2022–23
- IMPORT PURCHASE ENTRY PASSED IN BOOKS OF ACCOUNT
- FAST DS 26 Undisclosed Foreign Asset Disclosure Scheme 2026
- Regime change
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- FAST-DS 2026 Under Tax Law - No recourse or support for person declaring via this scheme?
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
