Taxability of accident compensation received from insurance
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
19 April 2016
I have received a compensation of Rs.3,14,402/- from National Insurance co. against a accident compensation. The said amount includes Rs. 1,59,819/-as interest (on which ITDS of Rs. 15,982/- has been deducted). The above compensation relates to permanent disablement. Whether the above amount is taxable ? And where to show the above in ITR 4 for AY 2015-16 ?
Murtaza I Bhagat
(Expert)
19 April 2016
Yes Rs. 159819 of interest is taxable as income from other source in ITR 4
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