| Question And Answer | |
|---|---|
| Subject: | 50% deduction under section 57(iv) |
| Category: | Income-Tax |
| Querist: | Subodh vora |
| 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.
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