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of <h1>New Clause in Section 194A Exempts Interest Income from Motor Accident Compensation Up to 50,000 Annually.</h1> Section 194A of the Income-tax Act is amended to include a new clause effective from June 1, 2003. This clause exempts from tax any interest income credited or paid as part of the compensation awarded by the Motor Accidents Claims Tribunal, provided that the total amount of such interest income does not exceed fifty thousand rupees during the financial year.
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