Interest received on compulsory acquisition
This query is : Resolved
kotrabasava rajendra
(Querist)
24 February 2013
FACTS : Agri. Land compulsory acquired in the year 2003. court order passed in the year 2011. Interest paid on acquisition + Compensation. Amount released in PORTION of total compensation including interest. But TDS is deducted for whole of Interest payable.
QUESTION: Income-Tax returns to file on Accrued Basis OR PRO-DATA BASIS. (e-TDS returns filed by deductor as full amount of Interest paid)
QUESTION: Income-Tax returns to file on Accrued Basis OR PRO-DATA BASIS. (e-TDS returns filed by deductor as full amount of Interest paid)
CA PARAS BAFNA
(Expert)
24 February 2013
.
As per Section 145A, it has been prescribed that interest received on compensation shall be deemed to be the income of the year in which it is received. So, receipt basis will prevail only.
.
However, vide Section 57(iv), 50% deduction can be claimed in respect to such interest income.
.
.
As per Section 145A, it has been prescribed that interest received on compensation shall be deemed to be the income of the year in which it is received. So, receipt basis will prevail only.
.
However, vide Section 57(iv), 50% deduction can be claimed in respect to such interest income.
.
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
- Opting out" of regime provided under subsection (1A) of Section 115BAC but Form 10IEA is not filed.
- "Please ensure that the Total of the Deductions u/s 54F match the same in Table D in Sch CG"
- Need to correct "Whether it is last installment " response in Form 26 QB
- " Income from House Property " in joint names of co-owners
- REGARDING TDS RETURN OF FORM 27Q
- Notice under e-Verification Scheme
- GST demand notice for ITC reversal against exempted supply.
- RCM ON SECURITY CHARGES FROM INDIVIDUALS
- How to get money back from delisted company
- ITC not to be taken in accounts & GSTR-3B
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
