Compensation received on accident is it taxable?
This query is : Resolved
02 January 2015
State Road Transport Corporation paid a compensation to the widow, whose husband was died in an accident. This Compensation was enhanced by the State High court. Now the Corporation has deducted TDS @ 20% as widow has not provide PAN Card. Now the question is Whether this compensation is taxable in the hands of the widow? If yes, under what section? Compensation also includes interest @ 6% calculated from date of petition to date of court order. Please Clarify...
02 January 2015
Compensation received is not taxable it is a capital receipt only interest received is taxable. Obtain PAN and file return to claim refund.
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