Insurance Co. to refund tax amount as there was no requirement for TDS as payment to claimant was below threshold limit: HC

INCOME TAX : Amount deposited by Insurance Company, on account of deduction of tax on interest amount was to be released in favour of applicants, as proportionate valuation of entitlement of interest amount to awarded amount was only Rs. 7000 per claimant i.e. below threshold limit of Rs. 50,000 which could be taxable by application of section 194A(3)(ixa)

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