Prize From Employer - Taxable or not

[Asked by 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 ?

[DR.MARIAPPAN GOVINDARAJAN]

It will be taxable in the hands of employee.

AI Summary

Employer cash prizes taxable: cash awards to employees and outsourced workers must be included in taxable income.
Cash prizes distributed by an employer for a speech competition are taxable in the hands of the recipient, including employees and outsourced workers, and constitute assessable income for income tax purposes.