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Union Budget 2026-27 - Finance Bill, 2026
As per the provisions of section 393(4) [Table: Sl. No. 7, Column C (c)(iv)] of the Act, tax is not required to be deducted in respect of interest on the compensation amount awarded by the Motor Accidents Claims Tribunal, if the amount or the aggregate of the amounts of such income does not exceed ₹ 50,000 during the tax year.
2. In order to provide relief to the individual and to alleviate the hardship caused due to accident, it is proposed that no tax shall be deducted at source in respect of interest on the compensation amount awarded by the Motor Accidents Claims Tribunal to an individual.
3. The amendment will take effect from the 1st day of April, 2026.
[Clause 72]
Full Text:
Interest on compensation from Motor Accidents Claims Tribunal: no tax deducted at source for individuals, effective April 2026. The Finance Bill, 2026 proposes that no tax shall be deducted at source on interest paid on compensation awarded by the Motor Accidents Claims Tribunal to an individual, removing the prior conditional threshold and providing relief to accident victims. The amendment is effective from 1 April 2026 (Clause 72). of Press 'Enter' after typing page number.
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