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
467From India, Pune
Yes it is taxable if the employee coming under the limit of taxable income.
Under section 17 of the Income Tax Act, 1961 there are following incomes which comes under head of salary:
Salary (including advance salary)
Wages
Fees
Commissions
Pensions
Annuity
Perquisite
Gratuity
Annual Bonus
Income From Provident Fund
Leave Encashment
Allowance
Awards
From India, Madras
Under section 17 of the Income Tax Act, 1961 there are following incomes which comes under head of salary:
Salary (including advance salary)
Wages
Fees
Commissions
Pensions
Annuity
Perquisite
Gratuity
Annual Bonus
Income From Provident Fund
Leave Encashment
Allowance
Awards
From India, Madras
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Bonus act amendment gazette copy.pdf
THE PAYMENT OF BONUS ACT.doc