Gratuity deduction
This query is : Resolved
31 May 2015
my query is about that there is one Co op society who every year transfer gratuity amt to one link up account with LIC but payment for the same is not made yet so is it deductible expense under income tax ?????
please give your suggestions on it as early as possible
31 May 2015
Make payment to LIC so that it is a deductible expense under income tax. LIC will take care of your gratuity payments. The rate of interest offered by LIC on gratuity fundings is attractive.
Message likes :
1 times
31 May 2015
Yes make payment soon.......
Message likes :
1 times
31 May 2015
Yes payment is made to LIC every year but LIC yet not paid to employee as it is paid on retirement so still it is deductible under income tax ????
31 May 2015
When you are paying it to lic, it is deductible dear
Message likes :
1 times
31 May 2015
Thank you so much CA Ankit Bohra
31 May 2015
Thank you so much Seetharaman
31 May 2015
Your welcome neha...
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- CPC Processing IT Return for AY 2023-24 without recognizing the Taxation Option under New Regime
- Applicability
- Where to show the RCM on Rent paid to unregistered landlord
- Is Aadhar PAN linking required for opening bank account?
- GSTR-3B - Do I file nil when there is no sale but I've bought raw materials
- Gst Sales of FY 2023-24
- RCM - commercial rent paid to URP under GST
- Offsetting interest income against derivative trading losses
- GST Annual Returns filing due date
- Payable outstanding for years disallowance
- TDS applicability on Service through ECO
- Issue of gst e invoice
- Interchangeable words in accounts
- Adjusted profit/Loss in the case of LLP and Pvt. Ltd.company
- How to adjusted advances given or receipt
- Foreign vendor without PAN unable to to register due to non receipt of OTP on foreign number ?
- 133(6) DIN INVALID format error - ->WHERE TO REPLY 133(6) notice?
- Query for dubts
- Regarding Resignation by Auditor from Pvt. Ltd.
- Regarding einvoice taken on nil rated sales
Trending Online Classes
-
Excel Mastery Program
CA Rishabh Pugalia
CAclubindia
