normally the companies give leave encashment at the end of calendar/ financial yr as per the leave cycle of company... and many give the priviledge to the employees to accumulate the leaves (subject to a maximum limit) and get them encashed at the end of the tenure. so the question of good or bad depends on ur company policy.. whereas i personally feel taking it at year end is good.. as that motivates one to save leaves every yr.. :)
From India, Chandigarh
17From India, Chandigarh
As per Income Tax Act any income earned by Employee from his employer is taxable (subject to exemptions) in the hands of employee. Since bonus will be income of employee it will be taxable in his hands.
From India, Mumbai
From India, Mumbai
Hi!
Bonus is taxable only if paid in Cash but if the same is paid by way of Gift Voucher which is considered an equivalent currency then it is 100% tax free upto Rs. 5000/- under the rule 3 (7)(iii) in Valuation of Perquisites.
A very well know Gift Voucher is Ticket Compliments Gift voucher by Edenred usable at more than 9000+ outlets pan india and in many categories. The user can buy Apparels, eatables, shoes, gold, etc. with the help of GV.
If you need some contacts of them then let me know, i can help you with the same.
From India, Mumbai
Bonus is taxable only if paid in Cash but if the same is paid by way of Gift Voucher which is considered an equivalent currency then it is 100% tax free upto Rs. 5000/- under the rule 3 (7)(iii) in Valuation of Perquisites.
A very well know Gift Voucher is Ticket Compliments Gift voucher by Edenred usable at more than 9000+ outlets pan india and in many categories. The user can buy Apparels, eatables, shoes, gold, etc. with the help of GV.
If you need some contacts of them then let me know, i can help you with the same.
From India, Mumbai
Hi Sir i want to confirm bonus is necssary for employees,if company will not provide bonus, employees can take legal action? Regards, Bharpoor
From India, Shimla
From India, Shimla
Sure, Bonus is taxable. It is part of the employees' income and therefore falls under taxation. However, rate depends on the present applicable tax rate that the individual employee pays at the moment. Cheers.
From Nigeria, Lagos
From Nigeria, Lagos
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