[Section-10(10)] Exemption on Gratuity | Income Tax Act 1961 | Akash Kumar Chauhan
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Section 10(10) Exemption on Gratuity
Section 10(10) Exemption on Gratuity
Gratuity is retirement benifit which is voluntary payment.
Income tax act provide some exemption on gratuity for some cases.
If gratuity recived during tha service then it is fully taxable whether it is withdrawal by government or non government employees.
if gratuity recived after retirement or death then there will be occur two case-
1. Recived to government employees - then it is fully exempt.
2. Recived to non government employees - the exemption is calculated in two ways-
1. Coverd under gratuity act 1972
2. Not coverd under gratuity act 1972
if coverd then least of the following will exempt
1. Gratuity Recived
2. ₹2000000
3. 15/26 × last drawn salary × completed year of service in excess of 6 month.
salary means basic + Dearness Allowance.
if coverd then least of the following will exempt
1. Gratuity Recived
2. ₹2000000
3. 15/30 × average of 10 month of salary × completed year of service.
salary means basic + Dearness Allowance(which are forming the part of retirement benifit) + percentage base commission.
#incometax
#gratuity
#exambell
how to calculate exemption on gratuity,
exemption on gratuity,
gratuity exemption in income tax,
gratuity in income under the head salary,
section 10(10) of income tax act,
income tax act 1961,
ca income tax,
cma income tax act,
ca intermediate income tax,
cma income tax,
bcom income tax act,
llb income tax,
llb direct tax,
llb final year income tax,
.
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.
.
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Gratuity is retirement benifit which is voluntary payment.
Income tax act provide some exemption on gratuity for some cases.
If gratuity recived during tha service then it is fully taxable whether it is withdrawal by government or non government employees.
if gratuity recived after retirement or death then there will be occur two case-
1. Recived to government employees - then it is fully exempt.
2. Recived to non government employees - the exemption is calculated in two ways-
1. Coverd under gratuity act 1972
2. Not coverd under gratuity act 1972
if coverd then least of the following will exempt
1. Gratuity Recived
2. ₹2000000
3. 15/26 × last drawn salary × completed year of service in excess of 6 month.
salary means basic + Dearness Allowance.
if coverd then least of the following will exempt
1. Gratuity Recived
2. ₹2000000
3. 15/30 × average of 10 month of salary × completed year of service.
salary means basic + Dearness Allowance(which are forming the part of retirement benifit) + percentage base commission.
#incometax
#gratuity
#exambell
how to calculate exemption on gratuity,
exemption on gratuity,
gratuity exemption in income tax,
gratuity in income under the head salary,
section 10(10) of income tax act,
income tax act 1961,
ca income tax,
cma income tax act,
ca intermediate income tax,
cma income tax,
bcom income tax act,
llb income tax,
llb direct tax,
llb final year income tax,
.
.
.
.
.
Follow me on Instagram for Notes
@akashcommerceacademy
Follow my personal Instagram account
@chauhan_photograp_y
Follow me on Facebook
Facebook: akashcommerceacademy
.
.
For written notes join me on telegram link is given below
Class XI
https://t.me/akashcommerceacademyxi
Class XII
https://t.me/akashcommerceacademyxii
CMA Intermediate
https://t.me/akashcmaintermediate
.
.
.
.
.
Computer Software Related Query Subscribe my another YouTube channel
CAD GURU
cadguruhartronbhiwani
for business query contact me on
[email protected]
4 سال پیش
در تاریخ 1399/09/11 منتشر شده
است.
17,606
بـار بازدید شده