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,
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
- Tax on capital gains revoked us 54f
- Refund of AY 22-23
- HSN Details in IFF/GSTR-1 & in GSTR 9
- Should I include march foreign salary received in April in my income for FY 2023-24?
- TDR receipts for agreement holder
- Inventory of finished goods
- Company Incorporation - CA and directors signing from different states
- Applicability of Ind As to associate of associate
- Clarification on Documentation of Paid-Up Capital Contribution by Directors
- Sale of property furniture sale
- Intimation wrongly states taxpayer has offerred u/s. 44ad & states probable resolutiton to do audit
- Refund AY 2012-13 and 2013-14
- DIRECT TAX CODE 2025
- MODEL FILLED AUDIT REPORT FOR TRUSTS IN FORM 10B
- 115TD on cancellation of 12A 80G Registration
- MIS MATCH OF INVOICE NUMBER
- 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
Trending Online Classes
CAclubindia
