Corporate Law : The Social Security Code, 2020 extends gratuity benefits to fixed-term and gig workers, standardizes wage definitions, and mandate...
Income Tax : Explains how gratuity exemptions differ for government, private, and Gratuity Act–covered employees. Key takeaway: exemption is ...
Income Tax : Learn about the tax treatment of key retirement benefits in India, including gratuity, pension, leave encashment, provident fund, ...
Income Tax : Detailed summary on salary, allowances, perquisites, pension, gratuity, HRA, standard deduction, and related tax exemptions under ...
Income Tax : This guide breaks down the complete taxation of salary income in India—covering allowances, perquisites, retirement benefits, an...
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...
Income Tax : The Tribunal addressed disallowance arising from mismatch between ITR and tax audit report. It held that inadvertent reporting err...
Income Tax : ITAT Mumbai dismissed revenue's appeal against Thirumalai Chemicals, allowing gratuity, bad debts, and other expenses while also a...
Corporate Law : SC rules criminal conviction not needed for gratuity forfeiture if misconduct involves moral turpitude. Upholds forfeiture in frau...
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 ...
Corporate Law : The government clarified that gratuity for civil service after re-employment will not be restricted by gratuity already received f...
Corporate Law : DoPPW clarifies that gratuity under CCS (Payment of Gratuity under NPS) Rules, 2021 is payable only upon retirement/absorption, no...
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. ...
Union Bank Of India Vs Sh D.C. Chaturvedi (Delhi High Court) Section 4(6)(a) of the Act, however, provides that the gratuity of an employee, whose services may have been terminated for the reasons as specified therein, can be forfeited to the extent of damage or loss so caused. The relevant provision reads as under: “(6) […]
Whether Government is considering to increase the Gratuity payment from 15 days’ salary for each completed year to 30 days’ salary for all employees of Government sector and Private sector;
Regulation 72(1) provides that an officer or employee shall be eligible for payment of gratuity either as per the provisions of the Act of 1972 or as per Sub-regulation (2) whichever is higher. Thus, it is beyond doubt that an employee must receive gratuity whichever is more beneficial either under the Act of 1972 or under the Regulations framed by the bank. However, this is not the same thing as to suggest that an employee can choose computation of gratuity under one statute and seek benefits of other provisions under another statute. As we have noticed, the scheme of gratuity under the Act of 1972 and under the regulations framed by the bank are different.
Gratuity is that part of the salary of an employee when he received to employer. When leaving job. The payment of Gratuity act, 1972.means any person employed on wages in any establishment factory,mine, oilfield, plantation, port, railway company or shop or establishment in state which 10 or more persons are employed on any day of […]
This article is an attempt to create awareness amongst Indian and Multinational companies about the tax benefits available to Indian and Multinational Companies under Pay as you Go and Gratuity Trust Formation Option for Payment of Gratuity. Gratuity benefits are governed by “The Payment of Gratuity Act 1972” and paid by the Company to an […]
Krishna Gopal Tiwary & Anr. Vs Union of India (Supreme Court) What is exempt from the Income Tax Act is the amount of gratuity received under the Gratuity Act to the extent it does not exceed an amount calculated in accordance with the provisions of sub-sections (2) and (3) of Section 4 of the Gratuity […]
Difference Between Statutory Provisions Applicable To Companies Under Existing Payment Of Gratuity Act 1972 (Amended) & Social Security Code, 2020 To Be Effective From 01.04.2021 This article is an attempt to elaborate the difference between Statutory provisions applicable to Companies under Existing Payment of Gratuity Act 1972 (Amended) & The Social Security Code 2020 effective […]
Steel Authority of India Ltd. Vs Raghbendra Singh & Ors. (Supreme Court) Supreme Court held that gratuity money of an employee can be withheld and forfeited in case of recovery of dues such as overstaying in official accommodation. FULL TEXT OF THE SUPREME COURT JUDGMENT We have heard learned senior counsel for the petitioner and […]
The issue under consideration is whether a trainee is excluded from the definition of the term ’employee’ under the Gratuity Act? A trainee is not excluded from the definition of the term ’employee’ under the Gratuity Act. What is excluded is an ‘apprentice’.
The word ‘Gratuity’, has not been defined in the Income-Tax Act, 1961(the Act). In the absence of any definition of ‘Gratuity’ in the Act, its meaning as provided in the dictionaries has to be referred to. The word ‘Gratuity’ has been variously defined in the Advanced Law Lexicon by P.R. Aiyar. The aforesaid definition is to be found on page 2038 of Book – 2, 3rd Edition,2005,
