TDS REFUND

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
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.

Yes, You can claim TDS while filing your income tax return (IT return).

sir, Thanks your reply....

Any notification or order available above querry

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.

Thanks lot ji very nice your reply

Most welcome...

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