|Question And Answer|
|Subject:||50% deduction under section 57(iv)|
|Answered by:||Advocate Shashi Ashok Bekal|
|Tags:||deduction, income from other sources|
|Date:||April 13, 2023|
The dispute of extra area work was finally settled throu arbitration award pertaning to pre GST period ( Finacial year 2016-17) . Some Compensation and interest is recived now. On the above interest, income tax is payable on 50% income as per section57(iv) of Income Tax Act ?
Yes, income tax is payable on 50 per cent of the enhanced interest income after claiming a deduction under section 57 of the Act.