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income tax

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student
41 Points Posted on 11 December 2007

While computing gratuity (covered under payment of gratuity act)

under exemptions u/s 10(10)

15/26 means what?

 

 

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On 11 December 2007 at 15:30 Report
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CA Final Student
115 Points Posted on 11 December 2007
15/26 means the gratuity r to be computed merely for the "working days" which r 26 days
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On 11 December 2007 at 16:48
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320 Points Posted on 11 December 2007
AMOUNT OF GRATUITY IS WORKED BY TAKING THE NUMBER OF DAYS OVER 26 DAYS FOR MONTHLY PAY. IN OTHER WORDS MONTHLY SALARY IS CONSIDERED AS PAID FOR 26 DAYS INSTEAD OF 30/31 DAYS AS THE CASE MAY BE.
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On 11 December 2007 at 16:49
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459980 Points Posted on 12 December 2007
15/26 mean.... Basic Salary per month is divided by 26 days (as against 30/31 days...it is just based on working days removing 4 sundays) and the factor is multiplied by 15 days. It is nothing 15 days basic salary is given as gratuity as per Payment of Gratuity Act.,
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On 12 December 2007 at 10:23
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459980 Points Posted on 14 December 2007
please let me know the income tax calculation u/s10B with relation to tax u/s.115jb for the f.yar 2007-08 with example.
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On 14 December 2007 at 14:14
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459980 Points Posted on 17 December 2007
It is the same as in Gratuity Act without 1972 in which 1/2 is taken instead 15/26 as 26 (directs to be 2) excludes sundays and 15 directs to be 1.
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On 17 December 2007 at 16:50
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article
2677 Points Posted on 19 December 2007
15 days of basic salary is given as per Gratuity Act 26 days are the no of working days.
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On 19 December 2007 at 15:08


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