We have an old employee and we have to make a settlement as we he has worked with us for 25years and he is leaving our firm. As we are going to pay the amount by cheque, Is it an allowable expenditure for the business under Income Tax Act??
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Allowable expense
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Gratuity payment is an allowable expense. But if the employee is not covered under the scheme of Gratuity or the Gratutity Act does not apply to the said Co. / factory, then such payment made shall not be allowable.
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