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Gratuity

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(Querist)
29 May 2009 Dear all,

there is one private limited which want to pay one of its employee gratuity of Rs 7Lacs....

It has contract with LIC to payoff its gratuity....now the question is that how will this amount of gratuity will be paid...i mean will it paidf thru
LIC only...??
nd if yes then how tax will be deducted on this amount coz the tax exemption limit is only Rs 3.5 Lacs....

Thnks in advance
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Vipul J. Bhavsar

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Vipul J. Bhavsar (Expert)
29 May 2009 Tax will be deducted at source while paying the amount to the employee.LIC will pay the amount to company and in turn payment will be made by the company to the employee.
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