vaishali
student
[ Scorecard : 30]
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Posted On 09 October 2012 at 21:33
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If we have paid an employee a gratuity amount of rs 12 lacs.Then how much amount is considered taxable to calculate his total income.
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piyush tanwar
student
[ Scorecard : 280]
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Posted On 09 October 2012 at 22:12
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least of the following is exempt :-
1. Gratuity received
2. Monetary limit of Rs. 10,00,000
3. Half - month's salary for every year of completed service.
in this case, plz specify salary information.
Regards
Piyush Tanwar
Article Assistant at Tiwari & Associates, Karol Bagh, New Delhi
Email - imcoolpiyush.tanwar @ gmail.com
Mobile No. 09717468521
Total thanks : 1 times
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vaishali
student
[ Scorecard : 30]
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Posted On 09 October 2012 at 22:29
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1)okay, so as per you if the gratuity amount is Rs 12 lakhs so it is liable for taxation.Right?
2)Also, how much amount would be taxable.Rs 12 lakhs or Rs 2lakhs(i.e above 10 lakhs)?
3)Is it like no gratuity or zero gratuity is applicable to an employee if amount exceeds 10 lakhs??
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ABHINAV SHUKLA
no
[ Scorecard : 70]
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Posted On 09 October 2012 at 23:27
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not as per u , it is as per income tax act 1961. ok
or taxable gratuity will be 2,00,000 . and maximum exemption of gratuity depends upon last drawn salary if he covered under gartuity act .
and if he is not covered under payment of gratuity act then avg. 10 month salary .
Total thanks : 1 times
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piyush tanwar
student
[ Scorecard : 280]
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Posted On 10 October 2012 at 11:44
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Taxable gratuity will be Rs. 2,00,000.
Maximum exemption is Rs. 10,00,000 under gratuity Act , 1972.
Regards
Piyush Tanwar
Article Assistant at Tiwari & Associates, Karol Bagh, New Delhi
Email - imcoolpiyush.tanwar @ gmail.com
Mobile - 09717468521
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