Hi all, please help
What is the Tax treatment of Accident compensation received ? Please quote relevant section/case law.
2 Replies
CA CS Amit Borade
(Chief Accountant)
(2828 Points)
Replied 23 July 2009
Hi Ritesh
There is a article on Accident compensation n Students Newsletter of ICAI its really gud 1.
I think it s n March/ April/ May newsletter... Please refer that.
Anumanchipalli Sathikonda
(Tax Consultant)
(1559 Points)
Replied 24 July 2009
Mr. Ritesh
and
Mr.Amit Keep Smiling
If that compensations falls under the ambit of section 10(10B) of Income-tax Act, it is an exempted income. Please refere the section for more clarification.
Best Wishes
Sathikonda
Recent Topics
- Form 3CEAB
- Form 3CEAA and Form 3CEAB
- DIR 3 Web KYC
- Can i declare LTCG income as business income if I
- Stock entry in new software
- I have an EMI collection shop, what is its SAC cod
- Making payment once in quarter possible under QRMP
- Master File Documentation related
- Applicability of 44AD needs clarification
- ITC reversal in GST 3B
Related Threads
CAclubindia
