Gratuity u/s 40(A)(7) - Urgently

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Vinod Sharma (Querist)
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23 September 2008 Sir

my co has applied for approval of gratuity fund for the first time before filling the tax return for Asst year 2008-09 & paid the same to LIC.
my tax audit disaalowed the same under 17(i).

Pl advice whether we can claim the same as allowable item in the return or not.

Thanks

Ravikumar.G

Ravikumar.G (Expert)
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23 September 2008 Any provision for gratuity in the books of accounts shall not be allowed as a deduction unless :-
1. the provision is made for any contribution towards an approved gratuiry fund or,
2. the provision is for gratuity, which has become due and payable during the PY.

Ravikumar.G

Ravikumar.G (Expert)
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23 September 2008 Sec 17(1) says that various items that are included under the head salary.

Ravikumar.G

Ravikumar.G (Expert)
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23 September 2008 You just ensure whether Sec 43B is attracted.

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