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ESOPS in lieu of salary due to covid.


Basant (Legal)     05 August 2020

Basant
Legal 
 3 likes  95 points

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Basant • 05 August 2020

Request experts to kindly advise on the individual employees tax implications.
1.The Company is a startup doing an online sales portal business in India but it is registered in USA.
2. Due to Covid 19 50% voluntary salary cut for 2 months was taken by employees, even low paid customer sakes executives.
3. In lieu of the foregone salary the company is granting esops.

The low level employees dont even have taxable income.
Will they need to file returns and declare these, as of now worthless esops, or since they are alloted in lieu of foregone salary will the value of the foregone salary be treated as the FMV and no tax implication except




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