Please Help me with this!

Amt received on silver jubilee from employer is a perk..

Please see the new valuation rules for rule 3(iv).... gift upto Rs.5000 is not taxable....

See the link below....

https://www.financialexpress.com/news/gifts-in-kind-are-taxable/34740/

Special Allowances for performance of official duties:  These allowances are not in the nature of a perquisite or bonus within the meaning of section 17(2) ad are specifically granted to meet expenses wholly, necessarily and exclusively incurred in the performance of duties of an office or employement of profit. These allowances will be exempt to the extent such expenses are actually incurred for that purpose.

so if he recd Rs 4900 and spent wholly then exempt & if nothing is given in question that how much he spent then we assume that he had spent fully.........or for ex- if he spent rs3500 then 1400rs will be taxable. 

Hi Anurag...

Hee hee I also answered the question first thinking that it is "uniform allowance"... and covered under 10(14)

Then i observed that she said all employees, "a uniform amount"... its not uniform allowance, the gift has been given to all employees uniformly...

So I modified my reply..... :)

Yes....Agree with  Ordinarily resident Evil..........

Yes....Agree with Ordinarily resident Evil..........

Taking that amount as a nature of Gift a sthere was some occassion to substantiate the reason for gifts, & also the amount being < 50000/-  it will not form Income.

Value of gift or voucher The perquisite value in respect of any gift, or

or token voucher, or token in lieu of which such gift may be

received by the employee or member of his

household from the employer

shall be the sum equal to the

amount of such gift, voucher or token. However,

no perquisite value will be taken if the value of

such gift, voucher or token is below Rs. 5000- in

the aggregate during the previous year.

But he paid CASH of Rs 4900,that should be taxable?

No, I also agree with Ordinarily Resident Evil

gift given below rs.5000 is allowed