Compensation & interest on account of motor accident
This query is : Resolved
29 August 2018
Sir, One of my friend received compensation on account of Motor Accident... Is compensation received from Insurance company on Motor Accident is taxable? If yes, what are the tax implications ? Under which head, thease are taxable? Can we claim TDS in respect of that ? He is earning income from Salary and also have business income
30 August 2018
Compensation received is in the nature of Capital receipt and not taxable
06 September 2018
thank you..the Insurance Company deducted 10% TDS on total amount paid to the party u/s 194A..Shall we take all such amount under Other sources and claim respective TDS ? or Only interest portion?
06 September 2018
You need to mention only interest income in ITR. Whole amount is not taxable
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
- TDS CREDIT MISMATCHING
- Buy back of shares u/s69
- Tax Audit Applicability – Newly Formed Partnership Firm with Profit Below 6%/8%
- Difference between Date of Payment and Date of Deduction?
- Unregistered suppliers utility
- ITDS U/S.194T of Firm
- TDS ON EMAIL DOMAIN SERVICE BILL
- GST Rate for Catering Services
- Cash balance limit and property purchases limit
- Journal entry of busniess expenses
- RCM @ 5% on Hamali charges, Transport Charges, Unloading charges we take ITC or not
- CALCULATION OF DEFFERED TAX - OP BL IS DTL & CURRET IT DTA
- LLP audit under companies act
- Experienced CA recommendation from Kolkata for FNO return filing
- Interest Reporting in Form 168
- Sales of goods of amount Rs77 lakhs to a party
- Tax Demand of ₹4,650 for AY 2026-27
- Concept of Vendor and customner reconciliation
- Mistake in e-invoice identified after 24 hours
- EXPORT PAYMENT
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
