Question And Answer
Subject: 50% deduction under section 57(iv)
Querist: Subodh vora
Answered by:
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Date: April 13, 2023
Query asked by Subodh vora

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 ?

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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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