Dear Freinds,
Award received from employer in Cash or kind is taxable or not?
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Award from employer
Replies (11)
No doubt it is taxable as Salary.
If in cash treat it as bonus and tax it.,
If in kind treat as gift and claim exemption of Rs. 5000 and then tax it.
anything above 5000 is taxable as is the case with gift cheque, travelver's cheque and all....
| Originally posted by : Sunshine... | ||
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anything above 5000 is taxable as is the case with gift cheque, travelver's cheque and all.... |
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AGREED
| Originally posted by : kaushal (taxbykk) | ||
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If in cash treat it as bonus and tax it., If in kind treat as gift and claim exemption of Rs. 5000 and then tax it. |
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Agree :)
Agree with kaushal sir
| Originally posted by : kaushal (taxbykk) | ||
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If in cash treat it as bonus and tax it., If in kind treat as gift and claim exemption of Rs. 5000 and then tax it. |
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AGREED.
| Originally posted by : kaushal (taxbykk) | ||
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|
If in cash treat it as bonus and tax it., If in kind treat as gift and claim exemption of Rs. 5000 and then tax it. |
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Award received from the employer is taxable if it is in cash and if it is in kind then exempt upto Rs.5000/-.
no doubt, it is taxable above Rs 5000
| Originally posted by : kaushal (taxbykk) | ||
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If in cash treat it as bonus and tax it., If in kind treat as gift and claim exemption of Rs. 5000 and then tax it. |
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what it mean "If in kind treat as gift and claim exemption of Rs. 5000 and then tax it"
Please explain in simple language
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