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Provision of gratuity reduction effect in income tax
when provision of gratuity reduced by private company then whether provision effect amount is reduced or not from profit as per income tax?
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Provision of Gratuity is specifically disallowed u/s 40A(7). But the actual "payment" towards the recognised Gratuity Fund is allowable u/s 36(1)(v). Further, when gratuity is directly "Paid" to the employee, such expenditure is allowable u/s 37(1). In addition to these provisions, conditions u/s 43B needs to be complied.
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