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Award given to employee for Length of Service by Company

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(Querist)
23 March 2021 Hi all,

Our company is intending to pay award to one of our employee who has worked for 20 years.

Is the amount payable as award to employee for his length of service is Taxable?

If yes than under which head

Regards,
Ravi Konda
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CMA Poornima Madhava

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CMA Poornima Madhava (Expert)
23 March 2021 Yes, as far as income tax is concerned, it would be treated as gift and the same would be taxable (if >₹5000) in the hands of the employee under the head income from salaries.
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