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Corporate Law - 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 MoreCorporate Law - 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 Encashment h) Annual accretion to the balance of Recognized Provident Fund i) Transferred balance […]...
Read MoreCorporate Law - 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 MoreCorporate Law - 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 MoreCorporate Law - 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 MoreCorporate Law - The present upper ceiling on gratuity amount under the Act is Rs. 10 Lakh. The provisions for Central Government employees under Central Civil Services (Pension) Rules, 1972 with regard to gratuity are also similar. Before implementation of 7th Central Pay Commission, the ceiling under CCS (Pension) Rules, 1972 was Rs. 10 Lakh. However, w...
Read MoreCorporate Law - 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...
Read MoreCorporate Law - 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...
Read MoreCorporate Law - 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....
Read MoreCorporate Law - 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....
Read MoreNotification 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...
Read MoreNOTIFICATION 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....
Read MoreNA - (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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Notification No. 43/2010-Income Tax - (11/06/2010) -
