Interest on compensation
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
22 August 2013
Dear Sir
I have received compensation after death of my husband received amount of Rs. 2550000/- but this amount was delay. So i have received interest of Rs. 624222/- but insurance co. deduct tax 10% & deposited in sec. 194J, but interest sec. is 194A. I have no decide this income is wheres 2nd i think this interest is exempt on which sec.
thanks
Dear Sir
I have received compensation after death of my husband received amount of Rs. 2550000/- but this amount was delay. So i have received interest of Rs. 624222/- but insurance co. deduct tax 10% & deposited in sec. 194J, but interest sec. is 194A. I have no decide this income is wheres 2nd i think this interest is exempt on which sec.
thanks
22 August 2013
I also support your view as far as TDS section for Interest is concerned.
.
In my view the following case will be helpful to you-
http://indiankanoon.org/doc/1465669/
.
In brief, in this case the tribunal has discussed that interest is just part of the compensation and it is not like interest as defined U/s 2(28A). You can treat the same as a capital receipt also.
.
.
In my view the following case will be helpful to you-
http://indiankanoon.org/doc/1465669/
.
In brief, in this case the tribunal has discussed that interest is just part of the compensation and it is not like interest as defined U/s 2(28A). You can treat the same as a capital receipt also.
.
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
- TDS on Purchase of Immovable Property by NRI from NRI
- Current Account Opening for Sole Proprietorship with Udyam Certificate - Zero Turnover
- Capital gain from sale of house property
- INTEREST APPLICABLE ON ITC REVERSAL PORTION
- LC charges in relation to Asset purchased should be Capitalised ?
- FORM 26A APPLICABILITY
- Regarding TDS Applicability For Director Remuneration
- Copyright software
- SFT Cash Deposit in Current Account
- Value of property in capital gain
- Opting our of sec 44AD
- GST Treatment of Insurance Commission for Existing GST Holder
- Cash gift by grand mother to her grand daughter
- Tax amount diff in Gstr1 and 3B in tax compare reports
- Tds on GST in connection with sale to public company
- Restoration of certificate of practice
- Regarding change in correspondence address in SSP portal
- No Compliences after incorporation
- USEFUL LIFE OF USED/SECOND HAND COMMERCIAL VEHICLES
- Claiming TDS deducted by builder on Hardship compensation and Corpus
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
