Go AD-Free with CAclubindia Pro and Daily WhatsApp Updates. Subscribe Now!

is cash award taxable?

(Guest)

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 ?

Reply
Follow
Share

5 Replies

CA Anand Oberoi (Chartered Accountant) (296 Points)
Replied 22 December 2009

it is taxable. normal slab rates.

Upgrade to CAclubindia Pro. Subscribe Now!

Sunil Liladhar Kotak (Manager (F & A)) (2025 Points)
Replied 22 December 2009

yes anand is right

sunil

d g mnadal (manager) (22 Points)
Replied 28 January 2014

Is cash award for aquiring higher qualification is taxable or not?

d g mnadal (manager) (22 Points)
Replied 28 January 2014

Originally posted by : Member (Account Deleted)
	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 ?

vivek (öne) (39 Points)
Replied 31 January 2014

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.