TUSHAR KANTI BHATTACHARYA (Lawyer) (83 Points)
12 June 2018My clients son had died by motor accident and which was sattled compensation from Insurance Company but TDS has already deducted under section 194A from the amount of compensation. My question is whether the TDS is fully refundable, if it yes, then what is the process of refund and how They can claim by which ITR Form.
Your quick and rich comment will be highly solicited by the sufferers.
Tushar Kanti Bhattacharya
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(160327 Points)
Replied 12 June 2018
The compensation received in motor accident claim is capital nature, and is not taxable.
The interest received over delay of payment is also not taxable, but as per IT circular TDS gets deducted u/s. 194A.
The TDS deducted is refundable........... Cant-levy-tax-on-accident-claim-amount-interest-HC-to-ITD
The assessee can file file ITR of previous year, and can claim refund of any excess tax deducted.
TUSHAR KANTI BHATTACHARYA
(Lawyer)
(83 Points)
Replied 12 June 2018
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(160327 Points)
Replied 12 June 2018
If no other income but the compensation ....... ITR1 ..
TUSHAR KANTI BHATTACHARYA
(Lawyer)
(83 Points)
Replied 14 June 2018
There may be only Bank interest Income nothing more, then I think it may be ITR1. Thanks for your suggestion.
AUDITOR VINOTHKUMAR
(a)
(870 Points)
Replied 13 August 2020
ok thanks sir, my client received motor accident claim interest where can i show column form ITR -1 (Refund tds)
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