Prize From Employer - Taxable or not

[Guest]

If a company conducts a speech competition in which all employees and outsourced workers are invited to participate. Prize distributed in cash in such case will be taxable in hands of employee or not ?

AI Summary

Cash Prizes from Company Speech Competitions to Employees Are Taxable Income Under Current Tax Rules A discussion was initiated regarding the tax implications of cash prizes awarded by a company during a speech competition open to employees and outsourced workers. The query sought to determine if such prizes would be taxable for the recipients. The response provided clarified that the cash prize would indeed be taxable in the hands of the employee.