Interest amount awarded by MACT in motor accident claims taxable or not
This query is : Resolved
Quick Summary
Sulafa S.V
(Querist)
11 May 2024
Sir, Can you please tell me Is Interest amount awarded by MACT in motor accident claims taxable or not? The TDS is already deducted by Insurance Company.
Dhirajlal Rambhia
(Expert)
11 May 2024
Yes, interest amount is not taxable.
Sulafa S.V
(Querist)
11 May 2024
Sir, Is there any case law regarding this?
Dhirajlal Rambhia
(Expert)
11 May 2024
Refer:
https://taxguru.in/income-tax/tax-interest-awarded-motor-accident-claim-tribunal.html
https://taxguru.in/income-tax/tax-interest-awarded-motor-accident-claim-tribunal.html
Dhirajlal Rambhia
(Expert)
07 September 2024
Good Luck.
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