Gratuity exemption limit
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
19 July 2013
I read that the exemption limit for gratuity received is Rs.10 Lacs.I this exemption applicable to all the kind of employees or only those employed in a public sector.Please give your opinion
19 July 2013
1) 1/2 month salary for each complete year
2) 10,00,000/-
3) actually received amount
whichever is less is exempted under incometax
2) 10,00,000/-
3) actually received amount
whichever is less is exempted under incometax
19 July 2013
As per act, gratuity received by government employee is fully exempt irrespective of any limit. This limit is for employee covered under gratuity act..
It is very important to understand the definition of employee under the Act. Employee means any person (other than an apprentice) employed on wages to do any skilled, semi- skilled, or unskilled, manual, supervisory, technical or clerical work, whether the terms of such employment are express or implied and whether or not such person is employed in a managerial or administrative capacity. However it does not include any such person who holds a post under the Central Government or a State Government and is governed byany other Act or by any rules providing for payment of gratuity.
Regards
It is very important to understand the definition of employee under the Act. Employee means any person (other than an apprentice) employed on wages to do any skilled, semi- skilled, or unskilled, manual, supervisory, technical or clerical work, whether the terms of such employment are express or implied and whether or not such person is employed in a managerial or administrative capacity. However it does not include any such person who holds a post under the Central Government or a State Government and is governed byany other Act or by any rules providing for payment of gratuity.
Regards
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
- Is this income indian or foreign income?
- REGARDING GST ON COMMERICIAL PROPERTY
- 15ca /15cb whose income tax login? remitter or nri seller's login?
- Regarding Documentation & Compliances for Opening of Unit of Pvt Ltd.
- RCM applicability on Rent Paid by Registered Person to Unregistered Landlord for Residental Building
- GST on export of services and Input Credit
- ITC temporary reversal and reclaim
- TDS U/S. 194NF
- Applicable TDS rate for sale of property in Nov 2024
- Tds on building rent monthly
- LAST YEAR 2022-23 ITC IN NEXT YEAR 2023-24 REPORITNG IN GSTR-9
- MIS MATCH OF INVOICE NUMBER
- IGST Credit-Show cause notice issued-confusion
- Issue of gst e invoice
- 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 einvoice taken on nil rated sales
- Strategical investment in Public listed company
Trending Online Classes
CAclubindia
