income from awards /arbitration
neeraj paul (17 Points)
09 June 2017
how is income from awards /arbitration treated?
3 Replies
CA Rashmi Gandhi
(Chartered Accountant)
(86495 Points)
Replied 09 June 2017
Award/reward is taxable as income from other sources under the Income Tax Act.
However following is the exemption u/s 10(17A):
Any award instituted in public interest by CG/SG or by any other body and approved by C.G in this behalf
Read more at: /experts/taxability-of-awards-and-rewards-737685.asp
However following is the exemption u/s 10(17A):
Any award instituted in public interest by CG/SG or by any other body and approved by C.G in this behalf
Read more at: /experts/taxability-of-awards-and-rewards-737685.asp
CA Rashmi Gandhi
(Chartered Accountant)
(86495 Points)
Replied 13 June 2017
Welcome pleasure is mine.
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