Sir,
I am a salaried professional and I changed my job in FY 2015 and joined new organisation. I received Gratuity & Leave Encashment amount from my previous employer. I have below question for ITR
1. Since I have received Gratuity amount which ITR form I need to fill i.e. ITR1 or ITR2 ?
2. Is Gratuity amount taxable? If not, Can I show this income in exempted amount column in ITR.
3. Is Leave encashment amount taxable.
Thanks,
Pushkar
U should file ITR 1.
Taxability of Gratuity Amount is depends on amount which u recived and other criteria.
Maximum deduction is 10 lacs.
exemption will be calculated as per formula prescribed in IT Act 1961
See if the links give you required information but you need to spend some time to understand. Otherwise, as suggested by others, please contact a tax consultant.
Gratuity: https://blog.cleartax.in/income-tax-exemption-gratuity/
Leave salary: https://goo.gl/1PG52g
Thanks for your reply. I severed 8 years with my previous employer. Below is amount detail.
Gratuity : Around 3 Lakhs
Leave Encashment : 40,000
What is your last Monthely drwan salary..??
Salary MEans BAsic & DA.
In case of Gratuity
The least of the following is exempt from Tax
In Case of Leave Encashment
The least of the following is exempt from Tax
Thanks everyone for the reply.
CAclubindia
