Tds on accidental claim (Taxation)

This query is : Resolved

Author : bharat

PRO CHAT CALL

Posted On 24 April 2012 at 20:41

The Trial Court Ordered a some of Rs. 14 Lac as accidental claim on which the insurance company deducted Rs. 1 Lac (approx.) as TDS. The High Court Reduced the amount of claim to Rs. 8 Lac out of which I who was respondent number 4 received a sum of Rs 2.80 Lac including the interest.

My Query is that whether the TDS be refunded or not. I have only agriculture income. Is the amount received as accidental claim, taxable?

Thanks in advance.

Expert : Suhail A.Siddiqui

PRO CHAT CALL

Posted On 24 April 2012 at 21:25

In case your Income is not taxable or lesser tax is payable and TDS is more,u can get its refund after filling I.T.Return.

Expert : ajay sethi

PRO CHAT CALL

Posted On 24 April 2012 at 22:18

yes you can claim refund on filing it return

Expert : raj kumar makkad

PRO CHAT CALL

Posted On 24 April 2012 at 23:29

In the given facts, you have no other option but to file your income tax return and show your entire income as per rules and claim the refund of the amount deducted as TDS. It shall come to you with interest.

Expert : prabhakar singh

PRO CHAT CALL

Posted On 25 April 2012 at 07:53

seeking refund after filling i.t. return is the only way.

Expert : Shonee Kapoor

PRO CHAT CALL

Posted On 26 April 2012 at 13:58

Nothing left to be added.

Regards,

Shonee Kapoor
harassed.by.498a@gmail.com

Expert : C. P. CHUGH

PRO CHAT CALL

Posted On 27 April 2012 at 22:25

The Insurance claim you received might comprise of a) the damages against the injury suffered by you or by a person to which you are a legal heir and b) interest on delayed payment of damages. So far as the damages are concered they are not taxable in the hand of recepient but the amount of interest, on which the insurance company has rightly deducted TDS, are taxable in the hand of receipeint.

As receipeint of such interest amount you are liable to discharge your tax liability on all your incomes during a year including the amount of such interest received.

In case you total income does not exceed the maximum amount chargeable to tax in any year, you may claim refund of such excess tax deducted at source by filling your return of income for that particular year.