Can I claim income tax benefit on cash reward given by my employer ?

POSTED BY amitsawant1 ON March 25, 2014 5:47 pm COMMENTS (3)

There is reward scheme in my company every year . They give Rs. 5000 for the 1 st prize and I was the beneficiary for the year 2013-2014. Can i claim it under income tax deduction and which rule . plz guide.

Regards

AMIT  S

 

3 replies on this article “Can I claim income tax benefit on cash reward given by my employer ?”

  1. ashalanshu says:
    March 28, 2014 at 7:25 am

    Dear Amit, please read section 10 of Income Tax act in detail to understand.

    Thanks

    Ashal

    Reply
  2. amitsawant1 says:
    March 27, 2014 at 4:34 pm

    Thanx ashal

    But may i know 2500/- cash reward limit is under which Section of income tax law.
    Please do the needful

    AMIT

    Reply
  3. ashalanshu says:
    March 26, 2014 at 3:25 am

    Dear Amit, such cash prizes are tax free up to 2500 Rs. only. anything above that is taxable.

    Thanks

    Ashal

    Reply

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