Form employers could supply presents, however onus lies on workers to pay tax on it

Kind employers may offer gifts, but onus lies on employees to pay tax on it

It’s good to have a thoughtful employer who offers a bonus or reward for Diwali, however the onus of paying tax on the presents lies on the worker. Presents from an employer to worker is taxable as perquisites if their worth is greater than Rs 5,000.

The Rs 5,000 restrict is for a complete monetary 12 months. It means the full worth of all presents and bonuses needs to be under the edge for them to be tax-free. “If the employer doesn’t deduct tax at supply, the worker might want to declare the reward underneath the top “salaries” within the revenue tax return (ITR) type,” says …




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First Printed: Wed, October 09 2019. 22:45 IST



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