Taxability of money received along with award
This query is : Resolved
17 September 2011
hi sir/madam
can any one clarify my doubt.
One of our client is a pvt. ltd. The company got National award for micro , small & medium enterprises from central government . Money by cheque was also given under this award.
my doubt is weither the money received under this award is taxable , if so under what section
and the cheque was issued on the name of MD but not to company . what treatment need to be given in both companies books and MD personal books of accounts
please help.
thanks in advance
can any one clarify my doubt.
One of our client is a pvt. ltd. The company got National award for micro , small & medium enterprises from central government . Money by cheque was also given under this award.
my doubt is weither the money received under this award is taxable , if so under what section
and the cheque was issued on the name of MD but not to company . what treatment need to be given in both companies books and MD personal books of accounts
please help.
thanks in advance
21 September 2011
Under section 24 Prize received is taxable 30% flat.
please check whether the award is fall in this category or not.
please check whether the award is fall in this category or not.
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