Gift to Employee
This query is : Resolved
15 March 2011
Hi
I am Arun from chennai. i am running company consist of 20 employees. i have desided to give some amount ( aroung 20k) as gift on year basic to employees based on work performance. Do i have to pay the tax for that amount or shall i have it as expenditure in my book account.
Advance Thanks for your valuable reply.
I am Arun from chennai. i am running company consist of 20 employees. i have desided to give some amount ( aroung 20k) as gift on year basic to employees based on work performance. Do i have to pay the tax for that amount or shall i have it as expenditure in my book account.
Advance Thanks for your valuable reply.
15 March 2011
yes, it will be taxed in the hands of employee and it can be debited in Employee cost as incentive
15 March 2011
Thanks for your valuable rely.
I have one more clarification from your's reply.
while i browing in internet, i saw some terms like, the amount gifted to employee from employer is coming under tax excemption.
so does the employee need to pay the tax for the gift amount?
I have one more clarification from your's reply.
while i browing in internet, i saw some terms like, the amount gifted to employee from employer is coming under tax excemption.
so does the employee need to pay the tax for the gift amount?
15 March 2011
Gifts up to the value of Rs.5000 is not taxable.
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