Diwali Bonus Rules: If there is a chance of Diwali (Diwali Bonus 2022), then the process of taking and giving gifts will also go on. Apart from the boxes of sweets, sometimes we also give some expensive gifts to our family members, relatives and friends.
Diwali Bonus News: People exchange gifts on Diwali. But due to these gifts, you may also have to pay income tax. Due to the trend of expensive gifts, now the Income Tax Department has also brought these gifts to the people under the tax net. However, for this, people will have to pay tax only on gifts received after a limit. In the festive season, apart from family and friends, corporate gifts received from outside remain under its purview. The company also gives bonus to its employees. Let us tell you that the Income Tax Department collects tax on this too. However, the bonus is deducted only on taking more than the prescribed limit.
On how much amount will the tax be deducted?
Even if you get a gift, you have to pay tax on that too. Yes, the Income Tax Department levies tax on bonuses or gifts exceeding a certain limit. There is no tax to be paid on gifts or vouchers of less than Rs 5,000 in a financial year. But if a gift, voucher or bonus is received more than 5 thousand, then according to the rules of the Income Tax Department, tax has to be paid on that amount. Suppose you get Rs 5000 as bonus on Diwali and then Rs 4,000 on New Year’s Day, then you will have to pay tax on Rs 4,000. If the company deducts TDS ie tax on your bonus, then you can get your refund by filing income tax return. However, this facility will be available to only those people whose income is not taxable. If you come under the tax net, then you have to pay tax.
You can take 50 thousand rupees from friends and strangers!
If you have given a gift or received a gift to a friend or unknown person outside the family, then there is a limit for that. If the value of the gift is up to Rs 50,000, then neither the giver of the gift nor the giver of the gift will have to pay tax. But if the value of the gift is more than Rs 50,000, then this amount will be treated as your other income and added to the angel income and then tax will be charged on it. These gifts can be in the form of cash, jewellery, shares or securities.
What tax will have to be paid if money is taken from family members?
According to the rules, there is no tax of any kind on gifts received from close relations like siblings, parents, brother-in-law, husband or wife. Gifts received in marriage are also out of this scope. If someone is married and is getting a gift, then tax is not to be paid on it. On any occasion after marriage, a gift in excess of the limit value has to be taxed.
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