TaxTMI 
TaxTMI 
TaxTMI 
Tds on insurance claim in bike showroom
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....ds on insurance claim in bike showroom<br> Query (Issue) Started By: - SANJAY NAYAK Dated:- 21-12-2015 Last Reply Date:- 1-1-2016 Income Tax<br>Got 5 Replies<br>Income Tax<br>Dear Sir I want to know how to treat tds on insurance claim on bike reparing. Kindly suggest Thaking You Regards S K Nayak Reply By Ganeshan Kalyani: The Reply: Please explain a bit more to understand to give suitable re....
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....ply. Reply By SANJAY NAYAK: The Reply: Dear Sir I am accountant of a bike showroom who is dealer of HERO MOTOCORP LTD. The insured vehicle which comes for repair under insurance claim the insurance company deduct 1% tds on insurance claim payable then rest deposit in Bike shoowroom account . Bike showroom returns the same to the insured person or repair with same. But my question why insurance c....
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....ompany deduct 1% tds on the above and under which section. Please clarify above Thanking You Regards S K Nayak Reply By Ganeshan Kalyani: The Reply: In my view compensation is not subject to TDS on the condition that there is no interest element. Tds is only applicable on interest received for delay in receiving compensation. you may ask the insurance company on what basis they are deducting T....
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....ds. Further I understand that you are transferring the same amount received from insurance company to the insured. you do not have any profit built in it. Reply By MARIAPPAN GOVINDARAJAN: The Reply: You can ask the Insurance about the nature of deduction of tax and take action accordingly. Reply By Ganeshan Kalyani: The Reply: Hope your query is resolved.<br> Discussion Forum - Knowledge Sharing....
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