I am a banker and we are having a account of land acquisition for railways and I want a section in which the money which is with us is exempted for TDS deduction.
Thanks and Regards
Pankaj Sharma
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Tds exemption on the money of the state for land acquisition
Replies (1)
The Central Board of Direct Taxes(CBDT) issued a Circular bearing No.36/2016, dated 25.10.2016, clarifying that the compensation received under an award exempted from the levy of income tax under Section 96 of the 2013 Act shall not be taxable, even if there is no specific provision for exemption under the Income Tax Act, 1961.
There is no circular for non-deduction of tax.
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