section 194A
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
14 June 2011
under section 194a tax is deductible on compensation awarded by MACT if amount of payment exceeds Rs. 50000/- my Query is whether in case of award granted to joint parties this limit of 50000/- would be applicable individually in the share proposed in the order or jointly to all family members.
CA Mahendra modi
(Expert)
14 June 2011
Provision of IT Act is al follows:-
(ix) to such income credited or paid by way of interest on the compensation amount awarded by the Motor Accidents Claims Tribunal where the amount of such income or, as the case may be, the aggregate of the amounts of such income credited or paid during the financial year does not exceed fifty thousand rupees;]
As per reading of above provision and without any clear provision , If income is paid and credited to individual payee seperatly than limit will also apply seperately.
(ix) to such income credited or paid by way of interest on the compensation amount awarded by the Motor Accidents Claims Tribunal where the amount of such income or, as the case may be, the aggregate of the amounts of such income credited or paid during the financial year does not exceed fifty thousand rupees;]
As per reading of above provision and without any clear provision , If income is paid and credited to individual payee seperatly than limit will also apply seperately.
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