Income Tax : Treatment of income from different sources Each income has different source of earning and so the provisions for its taxability. I...
Income Tax : Learn what constitutes salary, allowances, and perquisites under the Income-tax Act. Includes details on taxability of pensions, b...
Corporate Law : Explore the complexities of including allowances and upper caps in gratuity regulations. Learn from legal precedents and understan...
Income Tax : Understand the nuances of Gratuity - eligibility, exemptions, tax implications for employers & employees, and recent regulatory ch...
Corporate Law : Understand the implications of Karnataka's new Gratuity Insurance Rules 2024 on employers. Learn about registration, exemptions, t...
Corporate Law : Whether Government is considering to increase the Gratuity payment from 15 days’ salary for each completed year to 30 days’ sa...
Corporate Law : The Government has issued Notification the same day wherein gratuity limit has been increased from Rs.10 lakhs to Rs.20 lakhs un...
Corporate Law : Decision:The Payment of Gratuity (Amendment) Bill, 2018 has been passed by Lok Sabha on 15th March, 2018 and by the Rajya Sabha on...
Corporate Law : The Payment of Gratuity (Amendment) Bill, 2018 has been passed by parliament today. The bill ensures harmony amongst employees in ...
Corporate Law : Clause 3 of the Bill seeks to amend the provision relating to calculation of continuous service for the purpose of gratuity in cas...
Corporate Law : Some workmen had continued with IIT-Bombay through multiple contractors, therefore, for the limited purpose of payment of gratuity...
Income Tax : ITAT Nagpur quashed the penalty on Ravindra Kharche, finding no misreporting of income due to bona fide claims regarding gratuity ...
Income Tax : Analysis of ITAT Pune's criticism of the Assessing Officer's hasty penalty imposition at a 200% rate without proper application of...
Income Tax : Twinings Pvt. Ltd. vs. DCIT: ITAT Kolkata allows gratuity payment as salary expense u/s 37(1) of IT Act, rejecting disallowance u/...
Income Tax : TAT) Delhi in case of Chandan Lal Goswami vs. ITO sheds light on the eligibility of employees holding civil posts under a State fo...
Corporate Law : Government of India enhances maximum limit of gratuity for Central Government employees to Rs 25 Lakh, implementing Seventh CPC re...
Corporate Law : Explore the Karnataka Compulsory Gratuity Insurance Rules 2024 introduced by the Government of Karnataka. Learn about coverage, co...
Income Tax : Govt increases Gratuity exemption limit u/s Section 10(10)(iii) to ₹ 20 lakhs from existing Rs. 10 Lakh vide Notification No. ...
Corporate Law : (1) This Act may be called the Payment of Gratuity (Amendment) Act, 2018. (2) It shall come into force on such date as the Central...
Corporate Law : Central Government hereby specifies for the purposes of the said clause that the total period of maternity leave in the case of a ...
Central Government hereby specifies for the purposes of the said clause that the total period of maternity leave in the case of a female employee shall not exceed twenty-six weeks.
Central Government hereby appoints the 29th day of March, 2018 as the date on which Payment of Gratuity (Amendment) Act, 2018 shall come into force.
Government vide notification S.O. 1420 (E) dated 29.03.2018 increased the limit of amount of gratuity payable to an employee under sub-section (3) of section 4 of the Payment of Gratuity Act, 1972 (39 of 1972) from from the existing limit of Rs. 10 Lakh to Rs. 20 Lakhs.
The much waited Social security measure, Payment of Gratuity (Amendment) Bill, 2017 was passed by Rajya Sabha on 22nd March, 2017 after it was passed in the Lok Sabha on 15th March, 2018.
The Payment of Gratuity (Amendment) Bill, 2018 has been passed by parliament today. The bill ensures harmony amongst employees in the private sector and Public Sector Undertakings/Autonomous Organizations under Government who are not covered under CCS (Pension) Rules. These employees will be entitled to receive higher amount of gratuity at par with their counterparts in […]
Clause 3 of the Bill seeks to amend the provision relating to calculation of continuous service for the purpose of gratuity in case of a female employee who has been on maternity leave.
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, with implementation of 7th Central Pay Commission, in case of Government servants, the ceiling now is Rs. 20 Lakhs effective from 1.1.2016.
Failure of petitioner to make payment of amount of gratuity within 30 days from date it becomes payable to employee, sub-section (3A) of Section 7 of the Act of 1972 is squarely attracted and payment of interest being statutory and mandatory in nature and thereby petitioner is liable to make payment of interest on the said amount
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.
As far as the expression ‘gratuity’ is concerned, there is no definition of what ‘gratuity’ is, even under the Payment of Gratuity Act; yet, a monetary relief to an employee at the time of his retirement or termination of service is treated as ‘gratuity’.
