Compensation
This query is : Resolved
28 July 2011
If RTC employee died in accident and He have wife and two children( male and female) they are majors.Then,Civil court will give judgement for payment of compensation. Govt. was deposited amount in 3 installments and 50% of amount for his wife and sun and daughter were taken each 25%. Total amount received Rs. 25,00,000/-.
Banker was charged TDS @ 10% on this amount.
My question is, This compensation is taxable income / not?
Assessment years 2009-2010,2010-2011 and 2011-2012.
Banker was charged TDS @ 10% on this amount.
My question is, This compensation is taxable income / not?
Assessment years 2009-2010,2010-2011 and 2011-2012.
28 July 2011
Compensation is not a taxable income.
For TDS read section 199
For TDS read section 199
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