Hi freinds,
A Company Paid compensation of Rs. 500,000 to the family of its employee who died while on duty. The matter was settled out of court. What are the tax implications?
Regards,
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Compensation paid on account of death of employee
Replies (4)
the amount paid by the company on the death of employee may be taxed in the hands of the legal hires of the deceased.
i am not too sure, let others write their views.
i think if its a ex gratia payment ,will not b taxed in d legal heirs hand...........
Whether the compensation paid will be allowaable expense to the company?
yes it is..subj it is paid prior to 31/9...43(a) ..payment basis....
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