income tax deduction for project based cash incentives = Rs 50000

apart from my salary of Rs 35000 per month I am eligible for a lumpsum cash incentive of rs 50000 on completion of a project, so i wanted to know how much will i be taxed on the cash incentive?

asked Jul 23 '13 at 14:22 by Sunny DSouza 11

Its like a performance bonus. Whole amount would be added to your taxable income and taxed as per your slab rates flat.

I assume you are in 10% slab rate, so 5000 Rs would be deducted from this incentive on payment (plus 3% education cess)

answered Jul 24 '13 at 01:18 by Pankaj Batra 5.2k320


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Asked: Jul 23 '13 at 14:22

Seen: 1,827 times

Last updated: Jul 24 '13 at 01:18