Taxability on reward/prize given by employer
This query is : Resolved
18 September 2015
Our company have a motivational scheme of prize for employees on any submission of improvement kaizens & suggestions on monthly basis. Amount win by some of the employees vary from 200 to 4000 monthly.
I want to know about tax treatment should be done as a employer.
I want to know about tax treatment should be done as a employer.
18 September 2015
the prizes in the regular course of business are not taxable in the hands of employees, especially so when it is linked with TQM or Kaizen etc.
However the care be taken that the same does not amount to INCENTIVE. In your case it appears as INCENTIVE and hence taxable in the hands of employees.
However the care be taken that the same does not amount to INCENTIVE. In your case it appears as INCENTIVE and hence taxable in the hands of employees.
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