Diwali Bonus Information: On this holiday, gifts are exchanged. But you might also be required to pay income tax because of these gifts. The Income Tax Department has now made these gifts available to those covered by the tax net due to the trend of expensive gifts. People will only be required to pay tax for this on gifts received after a certain threshold, though. In addition to gifts from family and friends, corporate gifts received from outside remain within its purview during the holiday season. Additionally, the business awards bonus to its workers. Let us inform you that tax is also collected on this by the Income Tax Department. However, the bonus is only taken away if you take more than the allowed amount.
How much will the tax be subtracted from?
Even if you receive a gift, tax still needs to be paid on it. Yes, bonuses and gifts that exceed a certain threshold are subject to taxation by the Income Tax Department. On gifts or gift certificates worth less than Rs 5,000 in a financial year, no tax is due. However, if a gift, voucher, or bonus is worth more than Rs 5,000, it must be taxed, per the guidelines of the Income Tax Department. If you receive a bonus of Rs. 5000 on Diwali and another bonus of Rs. 4,000 on January 1st, you will be required to pay tax on the first Rs. 4,000. If your employer deducts TDS, or tax, from your bonus, you can file an income tax return to receive your refund. Only those whose income is not taxable will have access to this facility, though. You must pay taxes if you are subject to the tax net.
You can take Rs 50000 from friends and strangers!
A limit is set for gifts that you have given or received from friends or unidentified people outside of your family. If the gift has a value of up to Rs 50,000, neither the giver nor the recipient of the gift will be subject to tax. However, if the value of the gift exceeds Rs 50,000, it will be considered one of your other sources of income, added to your angel income, and subject to tax. These presents may take the form of money, jewelry, shares, or other assets.
If money is taken from family members, what tax is due?
Gifts received from close relatives like siblings, parents, brothers-in-law, husbands, or wives are not subject to any taxes, per the rules. Marriage-related gifts are also outside the purview of this clause. Gifts that are given to married people are exempt from taxation. Any gift given after marriage that exceeds the limit in value must be taxed.
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