04 February 2013
Dear sir , In this case the financial year in which they earn the income is the relevant previous year ..... So in that case , the fy 2011-12 will be relevant previous year .... and it will be taxable in the hands of your client bcoz in the relevant fy 2011-12 , he is resident so ....the amount will be taxable ....
04 February 2013
Here first we need to analyse the nature of money received from the insurance company. If the same is in nature of revenue ,then only he tax ability of the same shall arise.
CAclubindia
