Interest recieved on mact claim
This query is : Resolved
pradeep sharma
(Querist)
19 January 2013
WEATHER INTEREST RECEIVED ON MACT(MOTOR ACCIDENT CLAIM ) IS TAXABLE IN INCOME TAX OR IT IS EXEMPT .
CA PARAS BAFNA
(Expert)
19 January 2013
Interest -being a revenue receipt and compensatory in nature for delayed claims, is taxable under the Income Tax Act.
pradeep sharma
(Querist)
21 January 2013
it is received for delay in payment and also t.d.s deducted on it, can we take refund of above tds or it is taxale
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