Tag Archives: Gifts

Did you receive a gift from your employer? Do remember to pay tax

myITreturn

Many companies gift their employees with Smartphones, tablets, laptops etc. as a reward for their endeavours. Employees may also receive free holiday, bonus or a performance increment, as gifts. However, employee should remember that such gifts are absolutely taxable if the monetary value of gifts exceeds  a certain limit. Income Tax Act provides… Read more »

Take care of taxes while gifting your beloved on Valentines!

myITreturn

It is the month of february, better known as the month of Love! You might be planning to gift your valentine with an expensive gift. But do take care of taxes. As per the Income-tax Act, gift from relative is exempt (so it’s better to marry your valentine first and… Read more »