Dear Freinds,
Award received from employer in Cash or kind is taxable or not?
Anil Singh kushwah (JOB) (80 Points)
29 June 2011Dear Freinds,
Award received from employer in Cash or kind is taxable or not?
CA AMANPREET SINGH
(Chartered Accountant)
(284 Points)
Replied 29 June 2011
No doubt it is taxable as Salary.
Sunshine
(Helping All)
(10575 Points)
Replied 29 June 2011
anything above 5000 is taxable as is the case with gift cheque, travelver's cheque and all....
CA ADITYA SHARMA
(CA IN PRACTICE )
(16719 Points)
Replied 30 June 2011
| 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
Aparna Raja K.C
(Student)
(520 Points)
Replied 30 June 2011
| 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 :)
CS,CA F,Numrologi TusharSampat
(CS CA F Numerologist Astrologer Graphologist Face reader Vastu Expert)
(85930 Points)
Replied 30 June 2011
| 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.
Kalpesh Chauhan,
(Tax Assistant (Accounting Technician CA FINAL CS PROF. PROG. B.Com))
(8310 Points)
Replied 30 June 2011
| 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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Sarita
(Article)
(154 Points)
Replied 30 June 2011
Award received from the employer is taxable if it is in cash and if it is in kind then exempt upto Rs.5000/-.
@*CS Siddharth Bumb. *
(B.Com, CA Final, CS )
(5270 Points)
Replied 30 June 2011
no doubt, it is taxable above Rs 5000
Shivraj
(ENGG)
(21 Points)
Replied 30 June 2011
| 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
CAclubindia
