08-06-2009, 01:35 AM
<b>TAXATION OF BONUS PAID TO CORPORATE EMPLOYEES.
[Section 12 â First Schedule] </b>
A proviso has been inserted in Clause (a) of sub-section (2) of section 20 whereby any bonus paid or payable to a corporate employee receiving salary income of Rs. One million or more (excluding bonus) shall be chargeable to tax at the rate of 30%. This is a one time levy and payable for the tax year 2010 only, so as to support the internally Displaced People (IDPs) for their rehabilitation.
[Section 12 â First Schedule] </b>
A proviso has been inserted in Clause (a) of sub-section (2) of section 20 whereby any bonus paid or payable to a corporate employee receiving salary income of Rs. One million or more (excluding bonus) shall be chargeable to tax at the rate of 30%. This is a one time levy and payable for the tax year 2010 only, so as to support the internally Displaced People (IDPs) for their rehabilitation.