Gift cards are prepaid cards containing a specific monetary value, which can be used to purchase goods or services at the issuing retailer or a network of participating merchants. They are typically sold by retailers, online stores, or platforms like EnKash and can be physical cards or digital codes sent by email or text. Gift cards by EnKash are non-reloadable and non-transferable. Cash-outs or fund transfers are also not permitted.

Gift cards are essential for businesses as they are a versatile and convenient way to show appreciation and offer rewards. They allow recipients the freedom to choose something they truly desire, making them a more personalized and meaningful gift than traditional options.

Startups should consider offering gift cards to incentivize and recognize the performance of their employees and partners. This can help motivate and improve their overall productivity. Gift cards are a cost-effective way to reward employees and partners, as they can be purchased in bulk at a discounted rate. Gift cards can boost morale by providing a tangible reward for the efforts put in by the people. This can create a positive and supportive workplace culture.

The taxability of corporate gifting depends on the value of the gift. If the gift is within or less than the taxable limit, then there is no need to pay any tax. However, if the gift card limit exceeds Rs 5000, it will be taxable.

A corporate gift card is a prepaid card organizations use to gift their employees, clients, customers, or partners. These cards are loaded with money up to a certain specified amount and are among the best ways to appreciate people. These cards can be redeemed online or in-store.

• Register on EnKash and enter all the company details requiredr

• After all the details are validated, the company becomes eligible for gift cards

• The company can load money into their account and request the cards as required

• These gift cards can be allocated to the recipient with a preloaded amount as per the occasion

Corporate gifts should be aligned with the company's ethics and policies. These gifts must be legal. There must be transparency in corporate gifting and sensitivity towards all cultures

Organizations have observed enhanced retention rates through the implementation of corporate gifting strategies. Hence, opting for gift cards, such as those offered by EnKash, proves to be a mutually beneficial strategy. By motivating stakeholders with secure, convenient, and easily manageable gift cards that offer access across various categories, organizations can expect improved outcomes and increased productivity.

A corporate gift can attract a TDS of 10% if the gift value exceeds Rs 20,000 in a year. This is decided under Section 194R of the Income Tax Act, 1961.

Businesses can avoid gift tax by keeping the value of gifts within the tax-free limit of 5000 INR in a calendar year.