Are the Prizes and Awards taxable in India?
Suppose, I receive 10k as an award for good work as an employee of the quarter. Do I need to pay tax on the 10k?
From what I have experienced, its clubbed with annual salary- under variables and taxed- without distinction.
I think it is clubbed with the income. There is no separate rate for it.
It gets taxed separately meaning TDS gets deducted separately. Then it gets added to your salary after all the deductions . May be each employer does it differently. This is as per my experience .