gratuity reveived by a govt. employee on retirement is exempted from tax. does delay on payment on such gratuity is also exempted?
7 Replies
Poltu Ghosh
(Job)
(1865 Points)
Replied 27 April 2017
obviously exempt. delay in payment does not alter the nature of payment
pankaj
(Senior Auditor In Bank Audit Dept. And Income Tax dept.)
(52 Points)
Replied 27 April 2017
yes. doesn't matter. fully exempted.
Dhaval Thakkar
(CA)
(55 Points)
Replied 28 April 2017
there is no time limit prescribed by the income tax law, no doubt it's exempt
SUNEEL KUMAR
(Sr. Accounts & Finance Executive)
(163 Points)
Replied 29 April 2017
Agree with all Experts ......it's exempt
RAKSHIT MEHTA
(tax consultant)
(114 Points)
Replied 29 April 2017
sorry i forget to write intrest. it is, "does intrest on delayed payment of such gratuity is also exempted?" provided assesse is govt. employee
CA Sujeet Kumar
(Self-Practice)
(738 Points)
Replied 30 April 2017
Yes dear Interst on lumpsum gratuity on retirement due to delay payment of gratuity will be taxable as other income but it will taxable only if amount of interst is more than Rs. 2.5 lacs/5 lacs.
pankaj
(Senior Auditor In Bank Audit Dept. And Income Tax dept.)
(52 Points)
Replied 08 May 2017
interest for late payment is also exempted up to slab limits. follo slabs.
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