Taxability of consultancy income received after filing a suit in the court settled after 15 years
This query is : Resolved
04 May 2024
I worked as an IT consultant and TDS was deducted on the consultancy fees and the TDS certificate was issued to me.
The net of TDS consultancy fees was not paid to me and therefore I filed a suit in 2011.
In 2024 February the matter was partly settled by the court after 13 years.
The court fees was also received and interest received at 6 % on the settled arrears.
1. Under which section should I report this and get tax exemption,since TDS is aready paid and filed by me.
2.How do I show this amount which is received in the current financial year but is for fy 2008-09
and TDS deducted and tax returns filed by me. I have spent amounts on legal charges and other expenses on several visits to the court. Can I claim these expenses ?
The net of TDS consultancy fees was not paid to me and therefore I filed a suit in 2011.
In 2024 February the matter was partly settled by the court after 13 years.
The court fees was also received and interest received at 6 % on the settled arrears.
1. Under which section should I report this and get tax exemption,since TDS is aready paid and filed by me.
2.How do I show this amount which is received in the current financial year but is for fy 2008-09
and TDS deducted and tax returns filed by me. I have spent amounts on legal charges and other expenses on several visits to the court. Can I claim these expenses ?
04 May 2024
Presuming you had previously filed ITR relevant to FY 2008-09 with total receivables as per TDS deduction, no need to declare the income again. Only declare interest amount received in current year.
Any amount spent on legal charges cannot be deducted now, except amount spent specifically for the interest income.
Any amount spent on legal charges cannot be deducted now, except amount spent specifically for the interest income.
07 September 2024
Good Luck.
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