TAX APPLICABLILITY ON AWARDS

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lohithakshan u k (Querist)
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10 November 2007 IF OUR CO. GIVES AWARDS FOR LITERATURE/SPORTS ETC TO AN INDIVIDUAL WHAT ABOUT THE IMPLICATIONS OF TAX ON OUR CO. AND RECIPIENT

KAAPIL (Expert)
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10 November 2007 Taxable for the receipient as it is not a recognised award. As regards your company it has to justify te deductibility.

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