Held that\u00a0 that the interest payable under the\u00a0Motor Vehicles Act, 1988\u00a0was relatable to the period 2013-14 to 2019-20. If the interest were spread over year to year, the amount would not exceed Rs. 50,000. Under such premise, the deduction of tax at source in respect of interest for delay in deposit of compensation before the Motor Accidents Claims Tribunal would attract the provisions of sub-section\u00a0(3)\u00a0of section\u00a0194A\u00a0and no deduction of tax at source was required. Section\u00a0194A\u00a0of the\u00a0Income-tax Act, 1961\u00a0being not a charging provision, deals with deduction of tax at source in respect of \u201cinterest other than interest on securities\u201d. Under the provisions of section 145A(b) as it existed prior to amendment by virtue of the\u00a0and sub-section\u00a0(1)\u00a0of section\u00a0145B\u00a0of the Act, after the amendment interest received by an assessee on compensation or on enhanced compensation, as the case may be, shall be deemed to be the income of the year in which it is received. However, under section 194A(3)(ixa) the provisions of the section would not be applicable to such income credited by way of interest on the compensation amount awarded by the Motor Accidents Claims Tribunal where the amount of such income or, as the case may be, the aggregate of the amounts of such income paid during the financial year does not exceed fifty thousand rupees.<\/p>\n","protected":false},"excerpt":{"rendered":"
S. 194A : Deduction at source-Interest other than interest on securities-Interest on compensation awarded by Motor Accidents Claims Tribunal-Interest assessable only if it exceeds fifty thousand rupees.[S. 145A(b), 194A(3)(ixa), Motor Vehicles Act, 1988, Art. 226] <\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[],"class_list":["post-40036","post","type-post","status-publish","format-standard","hentry","category-income-tax-act"],"acf":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p9S2Rw-apK","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/40036","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/comments?post=40036"}],"version-history":[{"count":1,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/40036\/revisions"}],"predecessor-version":[{"id":40037,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/40036\/revisions\/40037"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=40036"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/categories?post=40036"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=40036"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}