12 December 2013
A company given a gold coin to his employee of Rs.6000/- on Diwali.Is it taxable? If it is taxable then please provide chargeable section.
12 December 2013
As per Sub-Section 3 of Section 192 a deductor can make adjustments for any excess or shortfall in the deduction of tax already made during the financial year, in the subsequent deductions.
1)For instance, in the case where payment of advance salary, arrears of salary, or increase of salary, commission, bonus, etc. has taken place,the tax liability of the employee will increase. Deduction of tax at source is accordingly required to be increased.
2)Similarly, if the employee makes certain investments which qualify for deduction or rebate and furnishes the required proof which reduces the tax liability, then the employer can accordingly reduce the quantum of TDS.
Thanks & regards Ganesh babu k
Querist :
Anonymous
Querist :
Anonymous
(Querist)
12 December 2013
I think it is taxable under section 17 but I don't know the exact section.