reward as money received from employer to employee in india, it is taxable or not? if it is taxable which head i can show this income, please let me know
akam_19_2007 @ yahoo.co.in
thanks & regards
aruna thakur
aruna thakur (accountant) (74 Points)
27 July 2009reward as money received from employer to employee in india, it is taxable or not? if it is taxable which head i can show this income, please let me know
akam_19_2007 @ yahoo.co.in
thanks & regards
aruna thakur
Anumanchipalli Sathikonda
(Tax Consultant)
(1349 Points)
Replied 27 July 2009
Ms. Aruna Thakur
The definition of salary in sectin 17(1) of Income-tax Act, 1961 is an inclusive definition. Hence the reward money received is a salary. It should be shown under the head "Income from Salaries"
Best Wishes
Sathikonda