Tax liability of claim receipts from New india assurance co Ltd

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accounts officer
178 Points Posted on 09 January 2021
Amount received after claiming the insurance of the vehicle involved in the accident

two persons died( wife and daughter)in accident and claimed credited to husband and other son and daughter


Amount received from new india assurance co. ltd after claiming the insurance of the vehicle involved in the accident.
As per 26 as tds deducted 93678.00 on 936780.00 section 194A

what is the tax liability
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On 09 January 2021 at 12:19 Report
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Quick Summary
This discussion clarifies the tax implications of insurance claim receipts from New India Assurance Co Ltd, particularly when the claim involves a vehicle accident resulting in fatalities. It addresses the TDS (Tax Deducted at Source) already applied to the received amount and guides on how to claim a refund for the deducted TDS.

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Chartered Accountant
24588 Points Posted on 09 January 2021
Tds already deducted
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On 09 January 2021 at 12:52
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17269 Points Posted on 09 January 2021
You have to claim refund of TDS.
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On 09 January 2021 at 13:41

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