Cash award to employees of PSU
This query is : Resolved
13 January 2010
I am working in Kerala state Electricity Board, a PSU run by Kerala Government. Recently a cash award of Rs. 2500 was given to some employees for their meritorious service in their work. Is this taxable as per prevailing income tax rules? Thanks in advance
CA. Pradeep Nayak
(Expert)
13 January 2010
as there exist a employee-employer relationship, the same is taxable in hands of employees as salary
Rahul Vora
(Expert)
14 January 2010
it will be taxable as salary
sivasankar
(Expert)
16 January 2010
Any payment received by employer unless it is exempted by the act will be taxable.Only a list of rewards and awards are exempted.Your reward is not covered by the list.
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