Sunny Mongia
(Finance Manager)
(66 Points)
Replied 01 November 2010
Dear Krishna,
since employee received such gifts for acheiving the targets. also he is employee as u mentioned an employee under sales department. therefore, such prequisites are taxable under the head"SALARIES" at full value since he received it for achiving the targets and nothing will be re-imbursed to employer from employee.
CA Himanshu Bansal
(Risk Manager)
(2345 Points)
Replied 01 November 2010
| Originally posted by : CA Azim Khan | ||
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According to me It will be taxable under the head salaries as follows. Value of benefit on the transfer of movable assets shall be the Actual Cost to the employer as reduced by the depreciation amount on WDV method calculated for each completed year. fraction if any will be ignored. |
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I Second CA Azim Khan
It will be taxable under the head Salary.
Chandan Singla
(IPCC Student)
(108 Points)
Replied 04 November 2010
| Originally posted by : CA Azim Khan | ||
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According to me It will be taxable under the head salaries as follows. Value of benefit on the transfer of movable assets shall be the Actual Cost to the employer as reduced by the depreciation amount on WDV method calculated for each completed year. fraction if any will be ignored. |
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CAclubindia
