retairment benefits of banks employ
This query is : Resolved
07 December 2016
one of my client is a nationalized bank employ. the retirement benefits is taxable or not please explain?
CA R SEETHARAMAN
(Expert)
08 December 2016
Leave encashment in excess of 3 lacs is taxable.
Bank might have deducted TDS on taxable retirement payments.
Bank might have deducted TDS on taxable retirement payments.
CA Suresh Jain
(Expert)
08 December 2016
For detail I suggest following links :-
https://finotax.com/income-tax/info/retirement-benefit
https://taxguru.in/income-tax/taxability-retirement-benefits.html
https://finotax.com/income-tax/info/retirement-benefit
https://taxguru.in/income-tax/taxability-retirement-benefits.html
CA Suresh Jain
(Expert)
09 December 2016
Are you covered under Payment of Gratuity Act ?
10 December 2016
working in a nationalized bank I feel that is under gratuity act
CA Suresh Jain
(Expert)
10 December 2016
Then it is exempted equal to 15days salary for every completed year of service subject to maximum of Rs. 10 lakh.
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