Sampat Bhansali (MBA) (31 Points)
09 April 2015I have put down my papers and my last date is 30th June. I want to understand while making Full & Final settlement will company deduct TDS (salary for Mar, April & June together would be 1.5lakh). Also, I have completed 5years in the organisation and eligible for gratuity, so want to understand tax implication on gratuity (I work in a private ltd firm).
Many thanks in advance
J. K. Ratan
(Compliance Advisor)
(794 Points)
Replied 09 April 2015
Dear Sir
As you mentioned above your gross salary is expected INR 1,50,000. which is less than exemtion limit to individual (i.e 2,50,000.) And As you mentioned above, complete 5 yrs of services and eligible to gratuity.
For Gratuity:-
- INR 10,00,000
- Actual Received
- As computed acording to Rule (15/26* Last Drawn Salary* No. of years completed)
Least in above is exempt in Income tax 1961.
In Short employer will not deduct TDS on Salary b.coj your gross income is less than basic exemption limit (i.e 2,50,000)
CAclubindia
