TDS REFUND

291 views
User Avatar

a
875 Points Posted on 29 July 2020

MY CLIENT RECEIVED MOTOR ACCIDENT COMPENSATION WITH INTEREST INSURANCE COMPANY INTEREST PORTION DEDUCT TDS AMOUNT. CAN I APPLY TDS REFUND?

My clients son had died by motor accident and which was sattled compensation from Insurance Company but TDS has already deducted under section 194A from the amount of compensation. My question is whether the TDS is fully refundable, if it yes, then what is the process of refund and how They can claim by which ITR Form.

Read more at: https://www.caclubindia.com/forum/tax-deducted-on-compensation-of-ground-of-motor-accidental-death-467154.asp
My clients son had died by motor accident and which was sattled compensation from Insurance Company but TDS has already deducted under section 194A from the amount of compensation. My question is whether the TDS is fully refundable, if it yes, then what is the process of refund and how They can claim by which ITR Form.

Read more at: https://www.caclubindia.com/forum/tax-deducted-on-compensation-of-ground-of-motor-accidental-death-467154.asp
My clients son had died by motor accident and which was sattled compensation from Insurance Company but TDS has already deducted under section 194A from the amount of compensation. My question is whether the TDS is fully refundable, if it yes, then what is the process of refund and how They can claim by which ITR Form.

Read more at: https://www.caclubindia.com/forum/tax-deducted-on-compensation-of-ground-of-motor-accidental-death-467154.asp
My clients son had died by motor accident and which was sattled compensation from Insurance Company but TDS has already deducted under section 194A from the amount of compensation. My question is whether the TDS is fully refundable, if it yes, then what is the process of refund and how They can claim by which ITR Form.

Read more at: https://www.caclubindia.com/forum/tax-deducted-on-compensation-of-ground-of-motor-accidental-death-467154.asp
My clients son had died by motor accident and which was sattled compensation from Insurance Company but TDS has already deducted under section 194A from the amount of compensation. My question is whether the TDS is fully refundable, if it yes, then what is the process of refund and how They can claim by which ITR Form.

Read more at: https://www.caclubindia.com/forum/tax-deducted-on-compensation-of-ground-of-motor-accidental-death-467154.asp
My clients son had died by motor accident and which was sattled compensation from Insurance Company but TDS has already deducted under section 194A from the amount of compensation. My question is whether the TDS is fully refundable, if it yes, then what is the process of refund and how They can claim by which ITR Form.

Read more at: https://www.caclubindia.com/forum/tax-deducted-on-compensation-of-ground-of-motor-accidental-death-467154.asp
Tax deducted on compensation of ground of motor accidental death

Read more at: https://www.caclubindia.com/forum/tax-deducted-on-compensation-of-ground-of-motor-accidental-death-467154.asp
0 Reply Share Follow
On 29 July 2020 at 20:23 Report
Replies (5)
Quick Summary
This discussion addresses whether Tax Deducted at Source (TDS) on the interest portion of motor accident compensation can be refunded. The consensus is that you can indeed claim this TDS. You will need to declare the interest as income from other sources in your Income Tax Return (ITR) and then claim the corresponding TDS credit.

User Avatar

Tax and Business Consultant
11616 Points Posted on 29 July 2020
Yes, You can claim TDS while filing your income tax return (IT return).
Reply
On 29 July 2020 at 20:48
User Avatar

a
875 Points Posted on 29 July 2020

sir, Thanks your reply....

Any notification or order available above querry

Reply
On 29 July 2020 at 21:26
User Avatar

Tax and Business Consultant
11616 Points Posted on 30 July 2020
As per income tax Act, 1961 You can claim credit of all TDS ( whatever type) deducted on any income in you income tax return in a year in which such income is offered to tax.

So, you are required to show that interest as income from other sources in Income tax return, and claim corresponding TDS in same IT return.
Reply
On 30 July 2020 at 03:31
User Avatar

a
875 Points Posted on 30 July 2020

Thanks lot ji very nice your reply

Reply
On 30 July 2020 at 17:39
User Avatar

Tax and Business Consultant
11616 Points Posted on 30 July 2020
Most welcome...
Reply
On 30 July 2020 at 17:41

Leave a Reply

Post Reply

Your are not logged in . Please login to post replies

Click here to Login / Register  

Recent Topics :

  1. GST Refund on payment to builder
  2. TDS u/s 194Q on electricity supply by DHBVN etc.
  3. Subject: Can I Apply for Fresh GST Registration on
  4. Additional place in GST RC
  5. Company 3 months old, INC-20A not filed, all 3 of
  6. How do I choose the Best GST Lawyers in New Delhi
  7. Loss on sale of residential flat after indexing al
  8. Short Deduction
  9. Large mismatch between AIS Business Receipts and G
  10. Income tax on Australian Stipendiary Steward on 3

More recent discussions | Post

Related Topics :

Loading