As the festival of Diwali approaches, it is important for individuals to be aware of the tax implications of the gifts and bonuses they receive during this festive season.

Experts advise that many of these perks may be subject to taxation, which could result in unexpected financial burdens if not properly managed. The tax rules surrounding Diwali gifts can be complex, with various exemptions and strategies available to minimize tax liabilities.

Financial advisors are urging recipients to stay informed about these regulations in order to enjoy the festival without incurring unnecessary tax expenses. With the festive season in full swing, it is crucial for individuals to plan ahead and understand the potential tax consequences of their Diwali gifts. By utilizing expert tips and strategies, taxpayers can navigate the financial landscape of the festive season more effectively.