enhance compensation and tax theron
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
21 November 2010
Whether enhanced compensation , Interest component and solatium thereon is to be Taxed on the year of Receipt on Receipt basis as per CIT Faridabad Vs. ghanshyam ( HUF) civil application. No.4401 OF 2009( ARIING OUT OF slp (C) nO.17614 OF 2008 ) Reported in 315 ITR-1
the ITo has issued a Noticew that the interest on the compensation is treated as a part of compensation and to be taxed in the year of Receipt and not on accrual basis.
Is there any solution ?
Please guide
Kishore Kadam
the ITo has issued a Noticew that the interest on the compensation is treated as a part of compensation and to be taxed in the year of Receipt and not on accrual basis.
Is there any solution ?
Please guide
Kishore Kadam
21 November 2010
It can be cash or mercantile basis. Pl read section 145A(b) and section 56(2) (viii) For permitted deduction also see section 57(iv) of the IT Act,1961.
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