payment of gratuity act - Page 3

Forfeiture of gratuity for loss sustained illegal

The Payment of Gratuity Act, 1972, did not provide for forfeiture of gratuity amount due to employees in any other contingency except the one covered under Section 4(6), viz., recovery of dues from them. Also, the law stipulated that for invoking the...

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Posted Under: Corporate Law |

Employers have to pay Interest for delayed payment of Gratuity

An employee becomes eligible for gratuity on the termination of his employment after he has rendered continuous service for not less than five years, according to Section 4(1) of the Payment of Gratuity Act, 1972. He is also entitled for interest on ...

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Posted Under: Corporate Law |

Post Amendment all you want to know about taxability of gratuity payment

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...

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Posted Under: Corporate Law |

Amendments to Payment of Gratuity Act- Accounting implications

In India, the Payment of Gratuity Act, 1972 (Act) requires entities with ten or more employees to pay gratuity benefit to their employees at the time of termination of employment. The act also provides that if an entity is covered under the act because its number of employees exceeded ten on a particular day, it will continue to be covere...

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Revised Gratuity Exemption Limit for employees covered under the Payment of Gratuity Act, 1972

In respect of other employees, it is to be determined whether they receive gratuity from an employer covered under the Payment of Gratuity Act, 1972 or not. It is pertinent to note that every gratuity payment received by an employee is not exempt from tax per se. In this context, it is important to note the provisions of the Payment of G...

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Tax treatment of Gratuity after Increase in limit from 3.50 lakh to 10 lakh

The government notified the Payment of Gratuity (Amendment) Act, 2010 on May 18, 2010, which increases the limit of gratuity payment to employees in the specified sectors/establishments covered under the Payment of Gratuity Act, 1972 (“Gratuity Act”). After the amendment, these employees are eligible to receive gratuity up to Rs 10,0...

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Gratuity Amount payable under Payment of Gratuity Act enhanced from Rs.3.5 lakhs to Rs 10 lakhs

It shall come into force on such date as the Central Government may, by notification in the Official Gazette, appoint.Amendment of section 4 of Act 39 of 1972.2. In section 4 of the Payment of Gratuity Act, 1972, in sub-section (3), for the words “three lakhs and fifty thousand rupees”, the words “ten lakh rupees” shall be substit...

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Rajya Sabha approves increase in Gratuity Limit to Rs. 10 Lakh

Parliament on Wednesday approved enhancing the gratuity limit for employees from Rs3.5 lakh to Rs10 lakh as also the exemption threshold from income tax on it. Parliament on Wednesday approved enhancing the gratuity limit for employees from Rs3.5 lakh to Rs10 lakh as also the exemption threshold from income tax on it....

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Cabinet approves increase in Gratuity limit from Rs 3.5 lakh to Rs 10 lakh

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....

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Payment of Gratuity (Amendment) Act, 2009 – Amendment in section 2 and insertion of section 13A, Change in definition of employee

In the Payment of Gratuity Act, 1972 (39 of 1972) (hereinafter referred to as ‘the principal Act’), in section 2, for clause (e), the following clause shall be substituted, namely:—‘(e) “employee” means any person (other than an apprentice) who is employed for wages, whether the terms of such employment are express or implied...

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