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Querist : Anonymous

Querist : Anonymous (Querist)

12 December 2013 A company given a gold coin to his employee of Rs.6000/- on Diwali.Is it taxable? If it is taxable then please provide chargeable section.

Ganeshbabu K

Ganeshbabu K (Expert)
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12 December 2013 yes it is taxable,,tds required to be done
.

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Querist : Anonymous

Querist : Anonymous (Querist)

12 December 2013 Can you tell me the relevant section??

Ganeshbabu K

Ganeshbabu K (Expert)
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12 December 2013 As per Sub-Section 3 of Section 192 a deductor can make adjustments for any excess or shortfall in the deduction of tax already made during the financial year, in the subsequent deductions.

1)For instance, in the case where payment of advance salary, arrears of salary, or increase of salary, commission, bonus, etc. has taken place,the tax liability of the employee will increase. Deduction of tax at
source is accordingly required to be increased.

2)Similarly, if the employee makes certain investments which qualify for deduction
or rebate and furnishes the required proof which reduces the tax liability, then the employer can accordingly reduce the quantum of TDS.

Thanks & regards
Ganesh babu k

Querist : Anonymous

Querist : Anonymous (Querist)

12 December 2013 I think it is taxable under section 17 but I don't know the exact section.

Querist : Anonymous

Querist : Anonymous (Querist)

12 December 2013 Please provide exact section..

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