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. ...
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.
This FAQ on accounting treatment of increase in liability on account of enhancement of the gratuity ceiling from Rs. 10 lakhs to Rs. 20 Lakhs due to Payment of Gratuity (Amendment) Act 2018 (vide notification no. S.O. 1420 (E) dated March 29, 2018) has been issued by the Accounting Standards Board (ASB) of the Institute of Chartered Accountants of India (ICAI).
Before implementation of seventh Pay Commission, the ceiling under CC S (Pension) Rules, 1972 was Rs. 10 lakh which was raised to Rs. 20 lakhs by seventh Pay Commission.
This article is attempt to give more clarity about the Gratuity Benefits, Factors increasing the quantum of Gratuity Benefits Exponentially and Benefits of Compulsory Insurance/Approved Gratuity Trust for Gratuity Benefits of Employees for Companies with Employee Strength 10 or More
Gratuity Benefits, Factors affecting Gratuity Benefits, Accounting requirement of Gratuity Benefits, Taxation benefits available to companies in pay as go option and Funding Option and Roll of a Gratuity Trust fund consultant in formation of an Approved Gratuity Trust. This article is an attempt to give more clarity about Gratuity Benefits, Factors affecting Gratuity Benefits, […]
An Article on requirement of Compulsory Insurance for Gratuity Benefits and Process of Formation of Approved Gratuity Trust Gratuity being an important retirement benefit to employees in the Indian context, is relevant for all organizations (i.e. MNC’s, Schools and Other business entities) having more than 10 employees . Since an employee sacrifices prime time of […]
This article is in continuation to my earlier article ‘Requirement of Accounting and Funding Arrangement for Gratuity Benefits‘ in this article we will understand about ‘Taxation benefits available to company in Pay as go Option & Funding Option‘ Gratuity is a statutory right of employee whoever completes 5 years in the same organization and is […]
This article is an attempt to give clarity about requirement of Accounting and Funding Arrangement for Gratuity Benefits. Gratuity shall be payable to an employee on the termination of his employment after he has rendered continuous service for not less than five years, –
A. Applicability The Working Journalists (Conditions of Service) and Miscellaneous Provisions Act, 1955 lays downs an elaborate scheme applicable to Working Journalists. “Working Journalist” means a person whose principal avocation is that of a journalist and includes an leader-writer, news editor, sub-editor, feature-writer, copy-tester, reporter, correspondent, cartoonist, news- photographer, proof-reader, but does not include persons […]
FORM ‘U’ Abstract of the Payment of Gratuity Act, 1972 1. EXTENT OF THE ACT The Act extends to the whole of India: Provided that in so far as it relates to plantations or ports, it shall not extend to the State of Jammu and Kashmir [Sec 1(2)] 2. TO WHOM THE ACT APPLIES The […]
