Cash prize to an employee is taxable
This query is : Resolved
27 March 2014
Dear Sir,
I am working as Development officer in LIC OF INDIA.In a competition floated by my organisation I have received a CASH AWARD of Rs.14500 yesterday.Our OS dept says that 30% income tax to be deducted from that cash award as I am in 30% slab.I said only 10% to be deducted.Plz clarify me in detail.
Regards,
a v r prasad.
I am working as Development officer in LIC OF INDIA.In a competition floated by my organisation I have received a CASH AWARD of Rs.14500 yesterday.Our OS dept says that 30% income tax to be deducted from that cash award as I am in 30% slab.I said only 10% to be deducted.Plz clarify me in detail.
Regards,
a v r prasad.
28 March 2014
It will taxed at 30%, not because u r in 30% slab but because it is prize so it will charged under income from other sources.
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