is accident compensation amount is taxable?
This query is : Resolved
01 November 2016
a employee who revived a sum of rs 9 lakh as a accidentall compensation in f/y 15/16. now my question is amount is taxabel r exapmted. one more thing that amount he put as fix deposit in bank. tell me how can solve this problem. he had temporary injury in that accident. TDs was deducted on that FD amount.
Amol S Joglekar
(Expert)
01 November 2016
The claim amount is NOT taxable.
The interest on the FD made out of the amount received through accident claim is TAXABLE and subject to TDS, as per the applicable provisions of income tax act
The interest on the FD made out of the amount received through accident claim is TAXABLE and subject to TDS, as per the applicable provisions of income tax act
Amol S Joglekar
(Expert)
01 November 2016
you are most welcome.
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