Cash gift to employee less then 5000
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
11 October 2015
Dear experts,
Company is planing to give The cash gift to employee, and most of the employee is not cover TDS on their salary, please tell me weather TDS is to be made on this said cash gift less then 5000,
Regard
Mohit bansal
Company is planing to give The cash gift to employee, and most of the employee is not cover TDS on their salary, please tell me weather TDS is to be made on this said cash gift less then 5000,
Regard
Mohit bansal
12 October 2015
If the aggregate value of gift received by the employee from employer, during the previous year, does not exceeds Rs. 5,000/- then such Gift is not taxable in the hands of employee. If gift received during the previous year exceeds Rs. 5,000, then whole amount of gift received will be chargeable to tax.
Refer Rule 3 of Income tax Rules.
Refer Rule 3 of Income tax Rules.
Querist : Anonymous
Querist :
Anonymous
(Querist)
12 October 2015
Sir, if gift is given this FY 2015-16, then do we need to deduct TDS this year or not
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