ARREARS INTEREST RECEIVED FROM 2011
This query is : Resolved
20 July 2024
DEAR SIR,
ONE OF MY CLIENT SOLD AGRICULTURAL LAND IN THE YEAR OF 2011 AND THE COMPENSATION PAYMENT RECEIVED IN THE YEAR OF 2021 RS 882000/- AND INTEREST ARREAS RECEIVED IN THE YEAR OF 2023 RS 1566601/-.
THE INTEREST FROM 2011 TO 2023 IS ARREARS TAXABLE OR NOT TAXABLE
TDS NOT DEDUCTED IN THE YEAR OF 2011 AND ALSO 2023
PLEAS CLARIFY ME IF TAXABLE INTEREST OR NOT
REGARDS
ONE OF MY CLIENT SOLD AGRICULTURAL LAND IN THE YEAR OF 2011 AND THE COMPENSATION PAYMENT RECEIVED IN THE YEAR OF 2021 RS 882000/- AND INTEREST ARREAS RECEIVED IN THE YEAR OF 2023 RS 1566601/-.
THE INTEREST FROM 2011 TO 2023 IS ARREARS TAXABLE OR NOT TAXABLE
TDS NOT DEDUCTED IN THE YEAR OF 2011 AND ALSO 2023
PLEAS CLARIFY ME IF TAXABLE INTEREST OR NOT
REGARDS
21 July 2024
https://itatonline.org/digest/articles/issues-in-taxability-of-enhanced-compensation-interest-thereon-rural-vs-urban-agricultural-land/
21 July 2024
THANK YOU SIR,
THIS ARTICLE IS TOO LONG TO DIGEST IN SIMPLE TERM THAT COMPENSATE AMOUNT OF AGRICULTURAL LAND DELAY IN PAYMENT SO THE GOVERNMENT (KIADB STATE GOVERNMENT) ISSUED INTEREST ON SUCH PAYMENT TILL 2023.
THIS ARTICLE IS TOO LONG TO DIGEST IN SIMPLE TERM THAT COMPENSATE AMOUNT OF AGRICULTURAL LAND DELAY IN PAYMENT SO THE GOVERNMENT (KIADB STATE GOVERNMENT) ISSUED INTEREST ON SUCH PAYMENT TILL 2023.
21 July 2024
The article was posted as you have not specified anything about agricultural land being rural or urban, compensation was enhanced or delayed. Conditions of awarding interest etc.
21 July 2024
SORRY SIR,
KIADB (KARNATAKA INDUSTRIAL DEVELOPMENT BOARD) ACQUIRED AGRICULTURAL LAND IN THE YEAR OF 2011 AND COMPESATE RECEIVED IN THE YEAR OF 2021 AND INTEREST RECEIVED ON 2023 DELAY IN PAYMENT.
COMPULSORY ACQUISITION IS EXEMPT FROM INCOME TAX BUT INTEREST ON DELAY IN PAYMENT OF COMPENSATION IS TAXABLE PORTION OR EXEMPTED.
SORRY AGAIN AND THANK YOU SIR
KIADB (KARNATAKA INDUSTRIAL DEVELOPMENT BOARD) ACQUIRED AGRICULTURAL LAND IN THE YEAR OF 2011 AND COMPESATE RECEIVED IN THE YEAR OF 2021 AND INTEREST RECEIVED ON 2023 DELAY IN PAYMENT.
COMPULSORY ACQUISITION IS EXEMPT FROM INCOME TAX BUT INTEREST ON DELAY IN PAYMENT OF COMPENSATION IS TAXABLE PORTION OR EXEMPTED.
SORRY AGAIN AND THANK YOU SIR
21 July 2024
SITUATED IN RURAL AREA NOT MUNICIPAL LIMITS
21 July 2024
Interest on enhanced compensation under section 34 of the Land Acquisition Act is taxable as any other interest. [Section 56(2)(viii)].
Such interest is taxable on receipt basis [Section 145B(1)].
Once such interest is taxable an amount of 50% of such interest is deductible as expenditure [Section 57(4)].
Such interest is taxable on receipt basis [Section 145B(1)].
Once such interest is taxable an amount of 50% of such interest is deductible as expenditure [Section 57(4)].
21 July 2024
THANK YOU SIR,
THE INTEREST IS 15LAKHS 50% MEANS 7.50 LKHS TAXABLE INCOME
REGARDS
REGARDS
THE INTEREST IS 15LAKHS 50% MEANS 7.50 LKHS TAXABLE INCOME
REGARDS
REGARDS
21 July 2024
God Bless
21 July 2024
SORRY SIR
REGARDS
REGARDS
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Is this income indian or foreign income?
- ITC temporary reversal and reclaim
- GST on export of services and Input Credit
- RCM applicability on Rent Paid by Registered Person to Unregistered Landlord for Residental Building
- Inventory of finished goods
- Applicable TDS rate for sale of property in Nov 2024
- Sale of property furniture sale
- Can we claim ITC of Feb-2024 in the month of November-2024 which was not claimed by oversight
- REGARDING 25 AS DATE OF PAYMENT AND DATE OF BOOKING
- Tds on building rent monthly
- Regarding Waiver of Interest levied u/s 50 of PGST/CGST Act
- LAST YEAR 2022-23 ITC IN NEXT YEAR 2023-24 REPORITNG IN GSTR-9
- MIS MATCH OF INVOICE NUMBER
- IGST Credit-Show cause notice issued-confusion
- Issue of gst e invoice
- How to adjusted advances given or receipt
- Foreign vendor without PAN unable to to register due to non receipt of OTP on foreign number ?
- 133(6) DIN INVALID format error - ->WHERE TO REPLY 133(6) notice?
- Query for dubts
- Regarding einvoice taken on nil rated sales
Trending Online Classes
CAclubindia
