compensation recd u/s 138 negotiable inst act
This query is : Resolved
rakesh sharma
(Querist)
12 May 2009
PArty had issued cheques of Rs3.0 lacs to me, which got bounced due to insufficiency of funds in party's a/c.
As per court order I have been paid Rs 4 lacs 3 lacs towards orignal amount due+ 1.00 lacs as additional compensation.
Is additional amount of Rs 1.00 recd towards compensation be taxable in my hands
Regards
PArty had issued cheques of Rs3.0 lacs to me, which got bounced due to insufficiency of funds in party's a/c.
As per court order I have been paid Rs 4 lacs 3 lacs towards orignal amount due+ 1.00 lacs as additional compensation.
Is additional amount of Rs 1.00 recd towards compensation be taxable in my hands
Regards
rakesh sharma
(Querist)
12 May 2009
123
rakesh sharma
(Querist)
12 May 2009
123
jegannath G
(Expert)
12 May 2009
yes it is an income for you
jegannath G
(Expert)
12 May 2009
yes it is an income for you
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