Bonus and ltc taxability of government employee-urgent
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
22 January 2016
A government employee has received Rs.11440 as LTC and Rs.3500 as bonus in june-16 for the year 2014-15 whether amount would be taxable in 2015-16. please its urgent....
22 January 2016
1)Out of total amount received as LTC amount you have spent for travel as stated in Section 10(5) of incometax act is allowed as exemption.and balance amount is taxable under head salary.
2)Bonus received was fully taxable underhead salary as per section 17 of incometax act.
2)Bonus received was fully taxable underhead salary as per section 17 of incometax act.
Querist : Anonymous
Querist :
Anonymous
(Querist)
22 January 2016
bonus is taxed on due basis or receipt basis?? as this amount pertains to previous year.
22 January 2016
Bonus received by an employee is charged to tax in the year of receipt.
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