05 January 2011
Hello Experts First of all want to Wish................... a very Happy New Year 2011
& There is a situation with one of my friend His father was died in a road accident by a DTC bus. They file a suit against the driver and after 5 yrs they got their compensation from the driver and also from the insurance company after deducting TDS of Rs. 45000
The money after deducting TDS is transfered in the account of my friends' mother who is a pensioneer
06 January 2011
file IT returns in her name and if her income is below 1.9lacks per annum she can claim full amount TDS. If income is more than 1.9Lacks it can be adjusted with tax payable.
Sir plz also tell me whether lump sum compensation reced by them is exempt. If yes then under which section of IT Act & for claiming refund she has to file return on 31st July 2011...