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Gratuity Act

Tax queries 1260 views 4 replies

Under gratuity act:-


All the doubts are concrened with ppl in non govt organisations:-


(1) If registered:-- no.of years should be rounded off.


 


That meant if is 2yrs 2 months completed should it be rounded off to 2 yrs or 3 yrs.


 


As per my knowledge in excess of 5 months and above it shold be rounded off to next yr otherwise same yr.


 


Please let me know whichever is correct.

Replies (4)
Hi Amit I need to rectfied you Acc to the provision of Gratuity which is covered under gratuity act, Any gratuity received under the Payment of Gratuity Act is exempt to the extent of the least of the following *Rs 3,50,000 *15/26 x last drawn salary for every completed year of service or part of the year in excess of six months, or *Gratuity actually received FOR ROUNDING OFF IT SHOULD BE MORE THAN 6 MONTHS NOT 5 MONTHS
yup..... thats ok.... Exemption is ok...... so if it is 2.2 then it will be 2 and 2.6 then 3 .
ya 2 to 2.6 its 2 but From 2.6.1 onwards its 3 yar just mathamatical calulation .5 se jyada ho pura lelo otherwise back chale jao ..hope now you are clear
After Resigned the job ( 11 Years Worker ) when the gratuity amount will given by company. if any time limit.


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