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)
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”
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.
CAclubindia
