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quary abt notified amount of Gratuity

samarjit ghosh (student) (288 Points)

23 August 2010

hi evry1,

what is the notified amount of Gratuity(statutary limit)?is it still Rs. 350000 or it is now Rs.100000.hlep me soon.

thanks in advance

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11 Replies

Dheeraj (Learner) (1100 Points)
Replied 23 August 2010

FOR A/Y 2010 11

IT IS 350000

Avni Rathore (-) (201 Points)
Replied 23 August 2010

w.e.f. 25-05-2010, the amount is Rs. 10 Lakhs.

Kalpesh Chauhan, (Tax Assistant (Accounting Technician CA FINAL CS PROF. PROG. B.Com)) (8310 Points)
Replied 23 August 2010

In addition to what said by the above members, I advise you to please go through the RTP of the Nov. 2010

exams.

ICAI can do anything.........

Dheeraj (Learner) (1100 Points)
Replied 23 August 2010

1000000 IS APPLICABLE FROM MAY

WHICH WILL BE TAXABLE IN A/Y 2011 12

U HAVE TO THINK NOW

samarjit ghosh (student) (288 Points)
Replied 23 August 2010

So for law purpose it will b 1000000 and for tax purpose it will b 350000 .am i right?

Manoj BG (Tax Professional and in Service) (1795 Points)
Replied 23 August 2010

HI SAMARJIT,

THERE IS NO SEPERATE LIMIT FOR LAW AND FOR TAX. FOR U;R STUDY PURPOSE, SINCE THE QUESTIONS ARE BASED ON AY 2010-2011. THUS, FOR AY 2010-2011, LIMIT WAS RS. 350,000 ONLY. CHANGES HAS BEEN EFFECTIVE FROM FY 2010-2011, THUS, FOR STUDY PURPOSE, IT WILL BE RS. 350,000 ONLY.

REGARDS,

MANOJ

samarjit ghosh (student) (288 Points)
Replied 23 August 2010

but in MANISH Bhandaries Law book it is written 100000 and and all the Tax books it is written 350000

so suppose a quistion comes in nov 10 IPCC about Gratuity in law paper(suppose a case law or practical quistion)

what would be the answer?

and suppose a numarical quistion comes in a Tax paper?

mehul kishnani (student) (264 Points)
Replied 23 August 2010

w.e.f. 25-05-2010, the amount is Rs. 10 Lakhs. n i think for paper amendments are applicable only upto 30/04/10 so old one is applicalbe

RAKESH (Almost CA) (2199 Points)
Replied 23 August 2010

Originally posted by : mehul kishnani
	w.e.f. 25-05-2010, the amount is Rs. 10 Lakhs. n i think for paper amendments are applicable only upto 30/04/10 so old one is applicalbe