Dear Experts, Is the bonus received under the provision of Bonus Act 1965 is it taxable / not taxable under Income Tax Act if yes / if no under which section it is given? Thanks in advance.
From India, Pune
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470From India, Pune
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Yes, it is taxable if the employee falls under the limit of taxable income. Under section 17 of the Income Tax Act, 1961, the following incomes come under the head of salary:
- Salary (including advance salary)
- Wages
- Fees
- Commissions
- Pensions
- Annuity
- Perquisite
- Gratuity
- Annual Bonus
- Income From Provident Fund
- Leave Encashment
- Allowance
- Awards
Please let me know if you need any further clarification.
From India, Madras
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- Salary (including advance salary)
- Wages
- Fees
- Commissions
- Pensions
- Annuity
- Perquisite
- Gratuity
- Annual Bonus
- Income From Provident Fund
- Leave Encashment
- Allowance
- Awards
Please let me know if you need any further clarification.
From India, Madras
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The Payment Of Bonus Act, 1965 5 november 2016.pdf
Bonus Act - 1965 - 1.ppt
Payment of Bonus Act 1965.doc