Tds cr u/s 194A
This query is : Resolved
SANKUNNI P T
(Querist)
05 August 2021
5% tds is being deducted by Insurance companies from the amount payable if the amount is over one lakh rupees. If the amount received is exempt whether the tds deduted by the insurance company is available as credit for other incomes ( income from profession, other sources etc,) ?
CMA Poornima Madhava
(Expert)
05 August 2021
Yes, such TDS credits can be adjusted against tax liability on other incomes.
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