gratuity limit

Income Tax Exemption in Respect of retirement benefits

Income Tax - Article discusses Tax Treatment of Various retirement benefits i.e Gratuity, Leave Encasement, Commuted Pension, Uncommuted Pension, Statutory Provident Fund, Recognised Provident Fund and Unrecognised Provident Fund. ...

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Tax Treatment of Income from Salary in Brief

Income Tax - Click here to join Online GST Certification Course Jointly by GST Professionals & Taxguru.in I. Income under the head Salaries 1.1 Salary is defined to include: a) Wages b) Annuity c) Pension d) Gratuity e) Fees, Commission, Perquisites, Profits in lieu of or in addition to Salary or Wages f) Advance of Salary g) Leave […]...

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Income Tax provisions – Individual Salaried for A.Y 2015-16

Income Tax - The article covers Introduction, Residential Status, Tax Rates, Head-wise Taxation & Deduction available under the Act. Hope you will find it useful in this Return Filing Season....

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Gratuity – Legal Provisions and Taxation

Income Tax - ratuity is a reward for long and meritorious service. In 1972 the government passed the Payment of Gratuity Act that made it mandatory for all employers with more than 10 employees to pay gratuity. Gratuity shall be payable to an “employee” on the termination of his employment...

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Know About Payment of Gratuity Act 1972

Income Tax - It is lump sum payment made by an employer to an employee in consideration of his past service when the employment is terminated. It is paid for long and meritorious services rendered by an employee. With enactment of Payment of Gratuity Act, 1972, gratuity payment has become mandatory and in case of non application of gratuity Act, the ...

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Lok Sabha passes bill to hike gratuity ceiling to Rs. 10 lakh from Rs. 3.50 Lakh

Income Tax - A bill to raise the ceiling of gratuity for employees to Rs 10 lakh from Rs 3.5 lakh was passed by the Lok Sabha without discussion today. The House, which witnessed an opposition furore over the 2G spectrum "scam" and reports about alleged involvement of a central minister in an illegal arms deal, also adopted the Employees' State Insura...

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Bill to raise gratuity ceiling to Rs 10 lakh from current Rs 3,50,000 introduced in Lok Shabha

Income Tax - A bill to raise the ceiling of gratuity for employees to Rs one million (Rs 10 lakh) from the current level of Rs 3,50,000 was introduced in the Lok Sabha on Thursday. The Payment of Gratuity (Amendment) Bill 2010, introduced by Minister of State for Labour Harish Rawat, seeks to amend the Gratuity Act to enhance the amount of gratuity pa...

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Cabinet approves increase in Gratuity limit from Rs 3.5 lakh to Rs 10 lakh

Income Tax - The Cabinet on Thursday approved an amendment to the Gratuity Act to raise the ceiling from Rs 3.5 lakh to Rs 10 lakh. The Bill to amend the Act will now go to Parliament, a government official told....

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Custom duty relief for importing digital films: Budget 2010-2011

Income Tax - The Union Budget 2010-11 proposes to rationalize the differential custom duty structure for importing digital masters of films for duplication or distribution in electronic medium and in cinematographic film. Henceforth custom duty would be charged only on the value of the carrier medium....

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Micro-wave ovens, pre-packaged imported goods, mobile phones, watches, ready made garments, toy balloons, long pepper, replaceable household water filters to be cheaper

Income Tax - Outright exemption from special additional duty provided to goods imported in a pre-packaged form for retail sale. This would also cover mobile phones, watches and ready-made garments even when they are not imported in pre-packaged form. The refund-based exemption is also being retained for cases not covered by the new dispensation. ...

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Section 10(10)(iii) of the Income-tax Act, 1961 – Gratuity – Gratuity exemption limit raised to Rs.10 lakhs

Notification No. 43/2010-Income Tax - (11/06/2010) - Notification No. 43/2010-Income Tax In exercise of the powers conferred by sub-clause (iii) of clause (10) of section 10 of the Income-tax Act, 1961 (43 of 1961), and in supersession of Ministry of Finance, Department of Revenue, notification no. S.O. 287 dated the 20th January, 1999 the Central Go...

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Government Notified date from which new Gratuity Limit of 10 lakh will come into force

NOTIFICATION S.O. 1217(E) - (24/05/2010) - S.O. 1217(E). In exercise of power by sub section (2) of section 1 of the Payment of Gratuity (Amendments) Act, 2010(15 of 2010), the central Government hereby appoints the 24thday of May, 2010 the on which said act will come into force....

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Custom duty notifications dated 27.02.2010 related to Union budget 2010-11 amendments and provisions

NA - (28/02/2010) - All the Custom duty Notification including Tariff and Non Tariff issued by Custom department in respect of budget proposals/provisions in Union Budget 2010-11. Read our earlier Post on Major Amendment in Custom Duty made in Budget 2010-11 at the Link given below:-Budget 2010-11: Summary of Major Ame...

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Recent Posts in "gratuity limit"

Income Tax Exemption in Respect of retirement benefits

Article discusses Tax Treatment of Various retirement benefits i.e Gratuity, Leave Encasement, Commuted Pension, Uncommuted Pension, Statutory Provident Fund, Recognised Provident Fund and Unrecognised Provident Fund. ...

Read More
Posted Under: Income Tax |

Tax Treatment of Income from Salary in Brief

Click here to join Online GST Certification Course Jointly by GST Professionals & Taxguru.in I. Income under the head Salaries 1.1 Salary is defined to include: a) Wages b) Annuity c) Pension d) Gratuity e) Fees, Commission, Perquisites, Profits in lieu of or in addition to Salary or Wages f) Advance of Salary g) Leave […]...

Read More
Posted Under: Income Tax | ,

Income Tax provisions – Individual Salaried for A.Y 2015-16

The article covers Introduction, Residential Status, Tax Rates, Head-wise Taxation & Deduction available under the Act. Hope you will find it useful in this Return Filing Season....

Read More
Posted Under: Income Tax |

Gratuity – Legal Provisions and Taxation

ratuity is a reward for long and meritorious service. In 1972 the government passed the Payment of Gratuity Act that made it mandatory for all employers with more than 10 employees to pay gratuity. Gratuity shall be payable to an “employee” on the termination of his employment...

Read More
Posted Under: Income Tax | ,

Know About Payment of Gratuity Act 1972

It is lump sum payment made by an employer to an employee in consideration of his past service when the employment is terminated. It is paid for long and meritorious services rendered by an employee. With enactment of Payment of Gratuity Act, 1972, gratuity payment has become mandatory and in case of non application of gratuity Act, the ...

Read More
Posted Under: Income Tax |

All about Payment of Gratuity Act 1972

The Payment of Gratuity Act 1972:- Gratuity is a voluntary Payment made by the employer to the employee in recognition of continuous, meritorious services and sincere efforts by the employee towards the organization.It is governed under the Payment of Gratuity Act 1972.It is an Act to provide for a scheme for the payment of gr...

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Posted Under: Income Tax | ,

Section 10(10)(iii) of the Income-tax Act, 1961 – Gratuity – Gratuity exemption limit raised to Rs.10 lakhs

Notification No. 43/2010-Income Tax (11/06/2010)

Notification No. 43/2010-Income Tax In exercise of the powers conferred by sub-clause (iii) of clause (10) of section 10 of the Income-tax Act, 1961 (43 of 1961), and in supersession of Ministry of Finance, Department of Revenue, notification no. S.O. 287 dated the 20th January, 1999 the Central Government, having regard to the maximum a...

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Post Amendment all you want to know about taxability of gratuity payment

Meaning of Gratuity :-Gratuity refers to the emoluments received by an employee from his employer in gratitude for the services rendered. Such sum can be paid on retirement, resignation, superannuation, death or disablement. Under the Gratuity Act, the sum can be paid only after an employee has rendered continuous service of not less than...

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Posted Under: Income Tax |

Amendments to Payment of Gratuity Act- Accounting implications

In India, the Payment of Gratuity Act, 1972 (Act) requires entities with ten or more employees to pay gratuity benefit to their employees at the time of termination of employment. The act also provides that if an entity is covered under the act because its number of employees exceeded ten on a particular day, it will continue to be covere...

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Posted Under: Income Tax |

Government Notified date from which new Gratuity Limit of 10 lakh will come into force

NOTIFICATION S.O. 1217(E) (24/05/2010)

S.O. 1217(E). In exercise of power by sub section (2) of section 1 of the Payment of Gratuity (Amendments) Act, 2010(15 of 2010), the central Government hereby appoints the 24thday of May, 2010 the on which said act will come into force....

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