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Application For Settlement Of Cases [Section 245 C] Any assessee against whom a case is pending before any Income-tax Authority can apply to th Settlement Commission in the prescribed manner to have the case settled. The application must be accompanied by prescribed fee and once it is submitted it cannot be withdrawn.

Mumbai: The Telangana bench of the GST-Authority for Advance Rulings (AAR) has held that an amount paid to a sub-contractor as compensation by way of an out-of-court settlement will not be subject to goods and services tax (GST).

Damages/compensation received - nature of receipt - the amount received towards compensation/damage for settlement of dispute is capital receipt, hence not taxable. N: Rate of exchange of one unit of foreign currency equivalent to Indian ...

Similarly, if you settle a claim for medical malpractice, the settlement is not subject to taxation. However, if you settle a personal injury claim that is not related to workers compensation or medical malpractice, the settlement is subject to taxation.

The federal government does not tax your settlement money since the funds received are intended to compensate you for losses that you endured. This is true both for actual economic damages (such as medical bills and lost wages) and for non-economic damages such as for pain and suffering and emotional distress.

If you receive a settlement in California that is considered taxable income, you will need to report it on your tax return. You will typically receive a Form 1099-MISC, which reports the amount of taxable income you received during the year.

A structured settlement is an arrangement in which the settlement payment is paid out over time, rather than in a lump sum. This can help to avoid taxes on the settlement payment by spreading out the tax liability over a longer period of time.