A cash award is given to an employee of a public sector undertaking(central goernment) by the Management for his outstanding performance. Is it taxable ? If so what is the tax rate ?
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is cash award taxable?
Replies (5)
it is taxable. normal slab rates.
yes anand is right
sunil
Is cash award for aquiring higher qualification is taxable or not?
| Originally posted by : Member (Account Deleted) | ||
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A cash award for aquiring higher qualification is given to an employee of a public sector undertaking(central goernment) by the Management for his outstanding performance. Is it taxable ? If so what is the tax rate ? |
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If there is employee employer relationship between gift giver and recipient, and gift ( in kind which is not equalent to cash eg. Cheque ) then it is exempt if not exceeding 5000rs.,
but cash gift is taxable what ever the amount is,and taxable in salary head.
if employee employer relationship is not there then it is taxable in other source head, if exceeding 50,000 aggregate amont, if not exceeding then whole exempt.
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