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
8894729419
1 Replies
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(195732 Points)
Replied 29 February 2020
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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