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Gratuity provision and payment

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(Querist)
25 September 2011 Please clarify me about Gratuity under income tax act 1961. Is it allowed in P and L of Business and Profession or not
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CA Siddhartha Bhardwaj

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CA Siddhartha Bhardwaj (Expert)
26 September 2011 As per Section 40A(7), provision for gratuity will only be allowed if it represents contribution towards an approved gratuity fund or for the purpose of gratuity that has actually become payable during the year.
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