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Cash equivalent to prize
Where an assessee received cash equivalent to a gift (ambassador car) under a scheme of a company for achieving a target .is it taxable in the hand of assessee? if yes then which head in taxable?
Replies (3)
Dear Mr. Rakesh
company is liable to deduct TDS on the cash equivalent of Ambassdor car u/s 192 and taxable under the head of income from salary if the person is doing job in company.
But sir in some books it is taxable in the head of business or profession
IF ANY ONE IS DOING BUSINESS AND GETTING PRIZE THAN TAXABLE UNDER PGBP
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