Income tax enquiry
This query is : Resolved
Manish Sharma
(Querist)
31 March 2013
A individual income after cutting T.D.S is Rs.3450000 and he also got Gratuity of Rs.1000000 in financial Year 11-12,So what is
his Income?
his Income?
CMA Ramesh Krishnan
(Expert)
04 August 2013
Gratuity is exempted as per the limit u/s. 10(10)
Covered under gratuity act,1972
Least is of below exempted
Actual receipt
Maximum limit 10,00,000 (fixed)
15/26 × salary last drawn ×rounded years of services
Least is below exempted
Actual receipt
Maximum limit 10,00,000 (reduced)
15/30× Average salary × completed years of services
Salary meaning Basic pay + D.A.
Average salary meaning
=(Basic pay + D.A.(if)+ % commission,of 10 months immediately preceding from the month of retirement)/10
Covered under gratuity act,1972
Least is of below exempted
Actual receipt
Maximum limit 10,00,000 (fixed)
15/26 × salary last drawn ×rounded years of services
Least is below exempted
Actual receipt
Maximum limit 10,00,000 (reduced)
15/30× Average salary × completed years of services
Salary meaning Basic pay + D.A.
Average salary meaning
=(Basic pay + D.A.(if)+ % commission,of 10 months immediately preceding from the month of retirement)/10
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