Gratuity deduction

Save Share

This query is : Resolved

NEHA PATEL (Querist)

31 May 2015 my query is about that there is one Co op society who every year transfer gratuity amt to one link up account with LIC but payment for the same is not made yet so is it deductible expense under income tax ????? please give your suggestions on it as early as possible

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)

31 May 2015 Make payment to LIC so that it is a deductible expense under income tax. LIC will take care of your gratuity payments. The rate of interest offered by LIC on gratuity fundings is attractive.

Message likes : 1 times

CA AnKiT BoHrA (AB)

CA AnKiT BoHrA (AB) (Expert)

31 May 2015 Yes make payment soon.......

Message likes : 1 times

NEHA PATEL

NEHA PATEL (Querist)

31 May 2015 Yes payment is made to LIC every year but LIC yet not paid to employee as it is paid on retirement so still it is deductible under income tax ????

CA AnKiT BoHrA (AB)

CA AnKiT BoHrA (AB) (Expert)

31 May 2015 When you are paying it to lic, it is deductible dear

Message likes : 1 times

NEHA PATEL

NEHA PATEL (Querist)

31 May 2015 Thank you so much CA Ankit Bohra

NEHA PATEL

NEHA PATEL (Querist)

31 May 2015 Thank you so much Seetharaman

CA AnKiT BoHrA (AB)

CA AnKiT BoHrA (AB) (Expert)