Acciental injury to employee tds to deduct
This query is : Open
24 August 2011
Compensation Paid to employee(Become Peronsal Disability) Whether to deduct Tds on Compensation paid to Employee
Guest
Guest
(Expert)
24 August 2011
yes, TDS is applicable on compensation
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24 August 2011
how & explain with case law and provison of income tax
we paid Rs. 3 lakhs to the employee for personal accident become disability
we paid Rs. 3 lakhs to the employee for personal accident become disability
24 August 2011
Retrenchment compensation paid as per Industrial disputes act 1947 exempted as per section 10(10B)
Guest
Guest
(Expert)
25 August 2011
Compensation has to be awarded by the Commissioner. The party has to approach the Commissioner for arriving at the compensation to be paid to be employee, who met with accident. Compensation is payable only when accident occurs during his work. In such case no TDS is required.
However, if Compensation is paid by employer other than what is awarded by the Commissioner, then it is taxable under head Salaries deducted u/s 192 (Salaries), on the amount of Compensation (excluding to the extent it is exempt)
However, if Compensation is paid by employer other than what is awarded by the Commissioner, then it is taxable under head Salaries deducted u/s 192 (Salaries), on the amount of Compensation (excluding to the extent it is exempt)
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