https://www.taxtmi.com/caselaws?id=303801 The court upheld the Motor Accident Claims Tribunal's directive for an insurance company to deduct Tax Deducted at Source (TDS) on interest accrued on compensation exceeding Rs. 50,000 per claimant per financial year. The court emphasized the legal obligation of the insurance company to deduct TDS and the claimants' right to claim a refund if their total income did not surpass the specified threshold. The court acknowledged conflicting opinions from various High Courts on the taxability of interest on compensation but ultimately supported the deduction of TDS on interest exceeding the prescribed limit. en-us Fri, 20 Mar 2020 00:00:00 +0530 Mon, 15 Aug 2022 14:08:50 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=303801 The court upheld the Motor Accident Claims Tribunal's directive for an insurance company to deduct Tax Deducted at Source (TDS) on interest accrued on compensation exceeding Rs. 50,000 per claimant per financial year. The court emphasized the legal obligation of the insurance company to deduct TDS and the claimants' right to claim a refund if their total income did not surpass the specified threshold. The court acknowledged conflicting opinions from various High Courts on the taxability of interest on compensation but ultimately supported the deduction of TDS on interest exceeding the prescribed limit. Case-Laws Income Tax Fri, 20 Mar 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=303801