Interest on gratuity
This query is : Resolved
03 January 2013
Whether Interest Received on Delayed Payment of Gratuity to Retired Professor of College is Taxable or Exempt ?
(Please quote case law or Section)
(Please quote case law or Section)
03 January 2013
The interest income of the Gratuity Fund is not liable to Income Tax in terms of
Section 10 (25) (iv) of the Income Tax Act, 1961 which deals with “Income not
included in total income”.
25 (iv) “any income received by the Trustees on behalf of an approved Gratuity
Fund”
Section 10 (25) (iv) of the Income Tax Act, 1961 which deals with “Income not
included in total income”.
25 (iv) “any income received by the Trustees on behalf of an approved Gratuity
Fund”
03 January 2013
Yeah, rite..but you are talking about "Trustee" whereas the person is not trustee but just a Beneficiary i.e. Person who received Gratuity amount on retirement.
03 January 2013
Pls Read My Last Line.
03 January 2013
but the last line is not quoted in section (Sec. 10(25)(iv), i referred it already.
03 January 2013
Dear Prasad,
Correcting it, Interest received on Gratuity is Taxable , TDS Need to be deducted u/s 192.
and Interest Received on Gratuity Payment is Covered Under the definition of ‘interest’ under section 2(28A) of the Act.
Regards,
Correcting it, Interest received on Gratuity is Taxable , TDS Need to be deducted u/s 192.
and Interest Received on Gratuity Payment is Covered Under the definition of ‘interest’ under section 2(28A) of the Act.
Regards,
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