Superannuation

But with that, comes a range of terms which can be difficult to understand. Read our glossary to learn more: Accounting information systems: Computerised accounting systems are essential for all organisations these days. An information systems strea Full Article

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 five years. Exceptions being termination of employment on account of death/disablement. Full Article

Reports have been published in a section of media indicating Shri R.Vasudevan as “Acting Chairman, Company Law Board” or “Company Law Board Chief”. This is factually incorrect as he was never the Acting Chairman of the Company Law Board at any point of time after superannuation of Shri S.Balasubramanian, Chairman, Company Law Board on 2.11.2009. In fact, Shri R.Vasudevan happened to be the junior most Member of the Company Law Board, who joined the Board only o.. Full Article

Gratuity’ is a retirement benefit. Gratuity Act, 1972 act envisages in providing retirement benefit to the workman who have rendered long and unblemished service to the employer. Gratuity is a reward for long and meritorious service. Earlier, it was not compulsory for an employer to reward his employee at the time of his retirement or resignation. But in 1972 the government passed the Payment of Gratuity Act that made it mandatory for all employers with more than 10 em.. Full Article

CASE LAW DETAILS Decided by: Income Tax Appellate Tribunal, Delhi Bench “B” New Delhi (Special Bench).  In the case of: M/s Concept Creations vs. ACIT, Appeal No.: ITA No. 3370/Del/08 (Asstt. Yr: 2005-06), Order dated: – 15-09-2009. SUMMARY OF CASE LAW Vide Notification dated 3rd June 2009, Rule 13E was inserted in the Income Tax [...] Full Article

1. Agricultural income: Any income which you receive as income from any agricultural activity is deemed as not included in total income. If your father is into agriculture and he gives you a part of the income as a gift, then you don’t need to pay tax on it, provided, your father files his tax [...] Full Article