Amount received Rs 5 lac from insurance co. by third party (Injured person now suffering from permanent disability ) as compensation for accident done by insuree.
1..Whether amount received by injured person is taxable income?
2..Insurance co. deducted TDS on above compensation. Can injured person claim refund of this TDS.
3..while paying TDS, Injured person doesn't have Pan No. , so Insurance co. was unable to credit above deducted in his FORM 26 AS account. what should injured person do in this case. (Now he have Pan No.).
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