Look into TDS deducted from Motor Accident Compensation Awards & lying as Unclaimed: SC directs Govt
Case Law Details
Case Name : Bajaj Allianz General Insurance Company Private Ltd. Vs Union of India (Supreme Court of India)
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Courts :
Supreme Court of India
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Bajaj Allianz General Insurance Company Private Ltd. Vs Union of India (Supreme Court of India)
Learned ASG has pointed out that insofar as our direction (v) of our order dated 16.11 2021 we had dealt with the aspect of Tax Deduction at Source (TDS) in Motor Accident Claims at two different rates from 10% to 20%. Learned ASG points out that uniform system is being brought in place whereby TDS will be uniformly 10% for all categories.
Mr. Vijayaraghavan, learned Amicus Curiae assisting us points out that there are large amounts of TDS deducted at source where the claimants are not fully aware h...
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A suggestion made by learned Amicus Curiae is that where TDS is applied as per Section 194-A of the Income Tax Act, 1961, “………………..the insurance companies/transport corporations/others should file the statutory Form 16-A immediately upon filing the returns of the TDS to the Income Tax Department and the MACTs. should endeavour to handover to the claimants/counsel on proper acknowledgment, the forms to facilitate speedier disbursement.”
The refund of concern , as read and understood, is of the TDS and the excess TDS.
What apears to have been oversighted is that the inevitable ‘ mortality’ of human being. In the context herein, if the victim of accident does not survive, it is to his successor-in-interst, the benefit of refund should pass on. For that to happen, in the normal course, instantly, with no hassle, as brought out in an Artcle displayed on this website itself, NOMINATION (X ‘WILL’) alone can serve the purpose ! < Anyone to dsagree ?!
Refer such a viewpoint likewise already shared on FB and Linkedin; in order to create an awareness of the fellow human beings !
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