10 October 2009
We are working in a partnership firm,but PF is not deducted from our salary.If firm provide Diwali Bonus to employees. please inform under which head we can take this exp. While FBT has been abolished, any other tax would be imposed on this exp? Thanks
10 October 2009
Bonus is part of salary may it be for Diwali or for any other purpose. You can either claim it as salary or as bonus . It will be allowed under the income tax act. FBT is abolished there will be no other tax. However it will be taxable in the hands of employees.
CAclubindia
