Guaranteeing quality of service (QoS) to transmit real time applications which are delay sensitive is of utmost importance in Internet of Things (IoT) environment. This paper presents a dynamic Markov Chain based scheduling scheme for ensuring QoS for the delay sensitive traffic in IoT. The traffic is classified into prioritized and non- prioritized traffic. By estimating previous bandwidth allocated to prioritized traffic and the amount of decrease/increase in probability of average queue length of prioritized packets in consecutive cycles, the scheduler dynamically adjusts the percentage of link bandwidth allocated to it in each cycle. This helps in providing guaranteed services to real time traffic in IoT applications and simultaneously provide better throughput for non real time traffic as well. The proposed QoS- alert scheduling mechanism is able to optimize the desired performance in IoT network. For different experiments the simulation is performed which verifies and satisfies the blocking probability requirements of prioritized traffic for IoT data.