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Provision for Gratuity

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(Querist)
26 July 2008 please send me procedure for calculating provision for gratuity, whether a provision for gratuity is necessary or not ?
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CA. Vineet Grover

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CA. Vineet Grover (Expert)
26 July 2008 Dear Vidya,

The calculation of gratuity is as under:

Gratuity = Monthly Salary x 15 days x No. of yrs. of service / 26 days

Provision of gratuity is mandatory for compamies. Further gratuity is applicable for companies which are inn existent for 5 years or more.

Rgsd/
Vineet

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