Tds on on interest component of compensation awarded
This query is : Resolved
24 February 2017
I was awarded compensation of Rs. 13,00,000/-lakhs with interest @ 6% pa. Insurance Company challenged the said award and the compensation was upheld by the High Court. Rs. 13,00,000/- plus interest of about Rs.6 lakhs was deposited by the insurance Company in November,2016. However, Insurance Company has effected TDS of about Rs.1,50,000/- out of Rs.6 lakhs interest component. Is the Insurance Company justified in making this deduction?
Kindly clarify.
Kindly clarify.
24 February 2017
Higher deduction made for want of PAN. Give your PAN, get tds credit and file the return and claim refund
24 February 2017
Me.Seetharaman,
What is the impact of Sec. 194A(3)(ix) as amended by Act No. 20 of 2015 (w.e.f. 1-6-2015)? Can you please clarify.
What is the impact of Sec. 194A(3)(ix) as amended by Act No. 20 of 2015 (w.e.f. 1-6-2015)? Can you please clarify.
24 February 2017
Mr.Seetharaman,
What is the impact of Sec.194A(3)(ix) as amended by Act No. 20 of 2015 (w.e.f. 1-6-2015)? Can you please clarify.
What is the impact of Sec.194A(3)(ix) as amended by Act No. 20 of 2015 (w.e.f. 1-6-2015)? Can you please clarify.
25 February 2017
The tax is deductible at the time of payment and not on accrual basis.
25 February 2017
Mr Umesh
Can you be little bit clear about which type of compesation you received from insurance company?
Can you be little bit clear about which type of compesation you received from insurance company?
25 February 2017
Mr.Ramji Kumar Dubey,
Compensation was awarded by the Motor Vehicle Claims Tribunal as compensation under Motor Vehicles Act.
Thanks & regards.
Compensation was awarded by the Motor Vehicle Claims Tribunal as compensation under Motor Vehicles Act.
Thanks & regards.
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