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Deduction in respect of Gratuity Payment

This query is : Resolved 
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(Querist)
15 March 2010 Dear Sir/Madam,

We have got a actuarial valuation from LIC for gratuity in which the fund requires to pay is approx 15 lac which contains 12 lac for past contribution and 3 lac including the annual contribution and Insurance. If we pay the total amount to LIC before this financial year may we get the deduction for full payment made to LIC or we are doing part payment, for which amount we may take benefit from Income Tax in this Financial year.

Kindly suggest me the same.

Thanks & Regards,
Raghav Jha
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CA Gangadhar Mishra

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CA Gangadhar Mishra (Expert)
15 March 2010 I think you will get full deduction, as it is computed on actual payment basis.
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CA SANJAY MUKHERJEE

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CA SANJAY MUKHERJEE (Expert)
15 March 2010 Hi ,

I think this will be deductible only on payment basis under Section 43B.

( payment must be made before due date of income tax return )

Regards,

Sanjay
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CA Ashok Kumar Sahu

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CA Ashok Kumar Sahu (Expert)
15 March 2010 yes, you get full ded'n on actual payment
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Nazir

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Nazir (Expert)
15 March 2010 agreed... jst need to check on Mr. sanjay's note that it is before due date of income tax return or before 31/03/2010.

Nazir
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