Income Tax concession if any


This query is : Resolved 

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A user received an award of Rs. 3 lakhs for loss of interest and Rs. 10,000 for costs from the Central Administrative Tribunal after a case regarding their pension. They are seeking clarification on whether this award is subject to income tax. Another expert has advised that the interest income is taxable under the head 'Income from Other Sources' (IFOS).

07 June 2024 Respected Experts, I had filed a case before the Central Administrative Tribunal for the payment of loss of interest and cost towards the belated sanction of my pension. The Tribunal has allowed and I had been paid with Rs.3 lakhs towards the loss of interest and cost Rs.10000/- Whether I had to pay the income tax for this amount as it is an award granted by the Tribunal after a case being filed before it? Kindly oblige. Advance thanks to the Experts in anticipation.

07 June 2024 The interest income is taxable u/h. IFOS.

08 June 2024 Much obliged by the reply of Learned Expert Shri Dhirajlal Rambhia. Thank you very much sir.

08 June 2024 You are welcome.


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