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14.11 - 08:31
Received Cash, Car or Gold as Diwali Bonus From Your Employer? Check Income Tax Implications
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Most of the companies offer Diwali Bonus to their employees. The Bonus is generally provided in cash. Some companies also provide Diwali Bonus in kind. While it is the employee’s prerogative to decide on how to spend or use the Diwali Bonus, it is important to be aware of the income tax rules that apply to the bonus provided by the employer. In an email interaction with FE Online, Dr Suresh Surana, Founder, RSM India, explained the various tax implications on Diwali Bonus received by employees from their employers. Excerpts:
What are the tax rules that apply to Diwali Bonus?
As per the provisions of IT Act, Bonus received by an employee in the form of cash shall be chargeable to tax under ‘Income from Salary’ and the same would be subjected
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