Nuts are office bonus, gift tax is taxed! In Diwali, many companies give bonuses and gifts to their empose. In such a situation, the question often arises whether bonuses and gifts are taxed. Let’s understand: There are no tax on the gifts on Diwali, but the bonus is imposed because bonuses and gifts fall into different categories. If the business gives you a gift about Diwali, such as sweets, clothing, appliances or any other item, which costs less than £ 5,000, it costs no tax. If the value of the gift is over £ 5,000, it comes under the tax. If cash is received in the company’s bonus, it must be paid on it. According to the rules, the cash of the company is considered part of the revenue, and there is no special discount on it. Bonus is part of the annual income, so it is taxed according to the plate. However, some companies apply the tax on the gift to the employee’s salary or give information in Form 16, so that the employee himself pays tax on it while filling the ITR. Suppose if the company gives you Rs 50,000 as a bonus on Diwali, it will be added to your annual income, so it should also show it while filling the ITR. Look at the salary slipping and forming 16 carefully to understand the tax liability properly. It contains information on bonuses and taxable perverse. Click here Life & Style Click for more stories Click here
Do office bonuses, Gifts Tax!
