Govt of India has announced prize for cleanest hospital in every state under swacch bharat Mission.In this competetion a prize money is given to a hospital Part of this prize moeny is distributed among the employees of that hospital also.I want to know is this prize money TAXABALE ?No TDS done .A part of prize money is distributed among govt employees of that hospital.Should employees add the amount in their income for tax calculation
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Income tax on prize money
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Whether any TDS deducted on the amount? If yes, at what rate?
No tax deducted at source.The maount receievd by hospital a part of that distributed among employee as per govt guideleine.
Consider it as compensation towards exenses incurred for Swachh Bharat Abhiyan. Any additional amount would be added to your (hospital's) income.
A part is of the amount distributed among the govt employees of the hospital.Should the employee add the amount in their income for tax purpose ?
A part is of the amount distributed among the govt employees of the hospital.Should the employee add the amount in their income for tax purpose ?
The job work can be treated separately than the routine work. And hence the prize money may not be added to salary, and taken as gift; subject to any specific guidelines of the scheme.
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