31 August 2009
A Co. is distributing Rs.10000/- as award to it's employees as Co. has completed 50 years. Is this amount is exempted under Income Tax , if yes than under which section and if taxable then under which section it is taxable?
31 August 2009
What ever may be the amount, what ever may be the form, what ever may be the name of allowance, all are taxable as salary income, as there is a employer and employee relationship. Hence, taxable under Income from Salaries.
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