Hardik Lashkari
Quick Summary
Komal, a renowned fashion designer, is famous across Pune city for designing stylish and elegant ladies wear. She designs suits, dresses, and other clothing accessories for the middle-to-rich class of society. Once, Namrata, wife of a leading diamond merchant of the city, hired Komal to desig
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FAQ :
Yes, gifts received from clients as a benefit arising from your business or profession are considered business income and are taxable.
Section 28 (iv) of the Income Tax Act states that the value of any benefit or perquisite arising from business or the exercise of a profession is chargeable to income tax.
Yes, the value of any benefit or perquisite, whether convertible into money or not, arising from business is chargeable to income tax.
Yes, gifts received from customers or clients at the time of your marriage are free from tax under section 56(2).
It is advisable to think at least twice before accepting gifts from your customers or clients due to tax implications.
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