Bonus taxable - it act?

prashant1314 (Querist) 02 July 2012 This query is : Resolved
Dear Experts,

Is the bonus received under the provision of Bonus Act 1965 is it taxable / not taxable under Income Tax Act if yes / if no under which section it is given?

Thanks in advance.

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Shailesh Kr. Shah (Expert) 02 July 2012
Amount of Bonus is to be computed under the head salary. and income tax liability is depends upon slab of that person.

prashant1314 (Querist) 02 July 2012
Dear Shailesh Sir,

Thanks for your reply.

A V Vishal (Expert) 02 July 2012
The bonus as may be received by the employee is fully taxable in the hands of the employee on receipt basis and is included in the gross salary in the year in which the bonus is received.

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