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Taxability of Compensation received
Hi,
Can some body provide me insight on the taxability of Compensation received on termination of masters service agreement (Software Development Agreement). whether this kind of receipts eligible for 10A if not then under which head this receipt will be taxed. Also please clarify is there any deductions allowed for this receipt.
Thanks
Madhu
Replies (1)
as such compensation is not a part of turnover, it cant be treated part of GP but in NP it will taxed as other income
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