30 September 2010
X needs to pay Rs.50,00,000/- TO Y.PVT. LTD. X hes denied to pay the amount. Y filed case against him court ordered to pay Rs.50,00,000/- TO Y.PVT. LTD along with interest of Rs.3,00,000/-.
My question is whether i need to pay Income Tax on Rs.3,00,000/-
If not please provide section/notification details.
CAclubindia
