Taxbility of Bonus\Ex gratia under salaries
This query is : Resolved
20 July 2009
Dear Sir,
our company gives ex gratia to all employees due to completion of Road project. in this regard whether it is taxable uder head salaries?
2. What is difference of Bonus, ex-gratia under income tax Act?
Kindy clarify in this matter.
Best regards
N,Murli dhar
our company gives ex gratia to all employees due to completion of Road project. in this regard whether it is taxable uder head salaries?
2. What is difference of Bonus, ex-gratia under income tax Act?
Kindy clarify in this matter.
Best regards
N,Murli dhar
20 July 2009
Taxable under the head of Salaries on receipt basis.
Ex-gratia is a voluntary payment. It is generally in addition to salary and based on performance.
Bonus literally means 'extra'. In the organisational context, bonus is any payment made beyond the salary and perks and usually linked to productivity-individual or collective. Unlike ex-gratia, bonus is statuatory, since government has fixed the minimum rates for the same.
However, both the terms are used inter changeably in the normal course.
Ex-gratia is a voluntary payment. It is generally in addition to salary and based on performance.
Bonus literally means 'extra'. In the organisational context, bonus is any payment made beyond the salary and perks and usually linked to productivity-individual or collective. Unlike ex-gratia, bonus is statuatory, since government has fixed the minimum rates for the same.
However, both the terms are used inter changeably in the normal course.
20 July 2009
Tahnk you sir
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Reporting Income under Section 44ADA
- Itr 1 processing
- Building and other construction workers welfare cess act 1996
- Bank Accounts in Balance Sheet for ITR 3
- ITR validation error - Balance sheet is not filled
- ITR 1: Details for showing Exempt Income
- TDS ON CASH WITHDRAWALS...
- Article ship defecit
- Query regarding TDS on EPFO Higher Pension Arrears*
- Form 10BD Filling
- ITR 3 FILING OF AN INDIVIDUAL (PARTNER IN A PARTNERSHIP fIRM)
- Annual return of gst limit
- Delisted shares sold in off market/ Rebate u/s87A
- Error whiling application of GST REFUND (ANNEXURE B)
- While filing GSTR9 accountant couldn't entered the ITC values in Table 6, in 9C it is not accepting
- Opting out" of regime provided under subsection (1A) of Section 115BAC but Form 10IEA is not filed.
- Difference in tax comparison report
- Gst invoice numbering and delivery challan numbering
- Sales amount in Gstr1
- E Commerce GSTR1 & 3B how to file
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
