regarding gratuity
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
04 May 2010
Dear sir/ madam
My Query relates to creating of Gratuity Trust.
1. A school assessed as AOP would like to create a provision for Gratuity calculated @15 days of salary for every 2 years of completion of service and claim the provision amount as deduction under IT Act 1961, is such provision allowable under Income Tax Act , 1961.
My Query relates to creating of Gratuity Trust.
1. A school assessed as AOP would like to create a provision for Gratuity calculated @15 days of salary for every 2 years of completion of service and claim the provision amount as deduction under IT Act 1961, is such provision allowable under Income Tax Act , 1961.
04 May 2010
no provision for gratuity is allowed as per income tax act, it is allowed on payment basis.
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