Income tax provision
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
14 May 2012
A.Y.:2012-2013
Mr. A. Age:21 years (Handicapped)
In year 2009, Mr A suffering Accident & Lost your Leg, He claimed Insurance & Paid insurance Amount but Mr.A claimed Interest Amount, As Per Court Order, At the time of 2011 , Insurance company paid Rs.300000/- Interest & Deducted TDS so, This Income totally taxable or Any Exemption as per Court Order, Please Guide Me,
Total Income - Rs.300000
IT Limit - Rs.180000
As per 80U - Rs.50000
So, After deduction Rs.70000.00 Taxable Income
Correct or Wrong or Any Special provision related Court Decision, Guide me
Mr. A. Age:21 years (Handicapped)
In year 2009, Mr A suffering Accident & Lost your Leg, He claimed Insurance & Paid insurance Amount but Mr.A claimed Interest Amount, As Per Court Order, At the time of 2011 , Insurance company paid Rs.300000/- Interest & Deducted TDS so, This Income totally taxable or Any Exemption as per Court Order, Please Guide Me,
Total Income - Rs.300000
IT Limit - Rs.180000
As per 80U - Rs.50000
So, After deduction Rs.70000.00 Taxable Income
Correct or Wrong or Any Special provision related Court Decision, Guide me
15 May 2012
Proceeds of Insurance are tax free but the interest as per court order is not tax free. So in your case, there shall be a tax of Rs. 7210 i.e. 10.3% on 70000.00
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
- Depreciation Chart Companies Act
- GST Audit whether Govt Companies are exempt?
- PTRC Show Cause Notice on Email
- Unable to File TDS Q2 Return – New TRACES Portal Error
- Capital Gail Exemption Certificate
- Taxation of crypto futures in India Fy 2026- 2027
- EPF ECR NEW RULES Sep 17th 2026
- Not ordinarily resident having partnership income in India and salary in USA is any form to filed be
- Issuing of delivery challan by seller of goods
- MSME disclosure and disallowance
- Accounting treatment of AMC alongwith the purchase of Laptop
- GST Treatment of Purchases with GST Paid where Outward Supplies of Manufactured CattleFeed Exempt
- Expert Help Required for TDS Refund 100000 Through TRACES – AY 2022–23
- IMPORT PURCHASE ENTRY PASSED IN BOOKS OF ACCOUNT
- FAST DS 26 Undisclosed Foreign Asset Disclosure Scheme 2026
- Regime change
- Goods sold but invoice not issued
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
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
