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Can I receive my gratuity before completion of Five year of service?
Yes, You can receive the gratuity before the completion of five years. in the following condition if an employee works less than five continuous years then also he will be eligible to get the gratuity. (i). If the person has worked for 190 days continuously since the end of the 4th year of his emploRead more
Yes, You can receive the gratuity before the completion of five years. in the following condition if an employee works less than five continuous years then also he will be eligible to get the gratuity.
(i). If the person has worked for 190 days continuously since the end of the 4th year of his employment. This is applicable in the case of those who are working in underground mines or working with such organizations which work for less than 6 days a week.
(ii) In the case of employees working with other organizations, this period is 240 days.
See lessCan a contractual worker or a Temporary staff is eligible to receive Gratuity amount?
As per the Gratuity Payment Act, Temporary staff, contract workers, etc., are also eligible for the gratuity amount subject to fulfillment of all other conditions. such as they need to complete a minimum of five years in service. The payment of gratuity Act considers Temporary staff and contract worRead more
As per the Gratuity Payment Act, Temporary staff, contract workers, etc., are also eligible for the gratuity amount subject to fulfillment of all other conditions. such as they need to complete a minimum of five years in service.
The payment of gratuity Act considers Temporary staff and contract workers as employees of an organization. but it does not recognize the ‘apprentice’ as an employee hence, the apprentice is not eligible for gratuity.
See lessWhen I can receive the Gratuity?
As per the Payment of Gratuity Act, Payment of gratuity is allowed only in the following situations: 1.When an employee has completed at least five years in continuous service with that employee and -Resign from the service - On superannuation (means an employee who attains the age of retirement is Read more
As per the Payment of Gratuity Act, Payment of gratuity is allowed only in the following situations:
1.When an employee has completed at least five years in continuous service with that employee and
-Resign from the service
– On superannuation (means an employee who attains the age of retirement is said to be in superannuation)
– At the time of retirement
2. On death or disablement due to accident or disease (the time limit of 5 years shall not apply in the case of death or disablement of the employee)
Note: in the following condition if an employee works less than five continuous years then also he will be eligible to get the gratuity.
(i). If the person has worked for 190 days continuously since the end of the 4th year of his employment. This is applicable in the case of those who are working in underground mines or working with such organizations which work for less than 6 days a week.
(ii) In the case of employees working with other organizations, this period is 240 days.
See lessHow Income Tax on Gratuity received at the time of retirement is calculated?
Taxability of Gratuity Gratuity is taxable under the income head “Salary” in the year of receipt. However, an exemption has been provided under section 10(10) of the income tax act. Following is the way of calculation of Exempted amount: Employee Covered under Payment of Gratuity Act: Amount of GraRead more
Taxability of Gratuity
Gratuity is taxable under the income head “Salary” in the year of receipt. However, an exemption has been provided under section 10(10) of the income tax act. Following is the way of calculation of Exempted amount:
- Gratuity received by a Government employee at the time of death or retirement is fully exempt from tax. Here, Government employee includes Center/State Government employees, Employees of local Authorities and universities set up under an act of parliament or state legislature including its affiliated College but not include the employees of a statutory corporation.
See lessWhat will be the tax treatment of salary receive from employer in lieu of notice of resignation?
Hi, So you have received money, generally, people pay to leave a job. So let see the Income-tax treatment of money received in lieu of notice of resignation. This amount will be treated as "Salary" as defined in section 17(1) and will be chargeable to tax on a receipt basis as mentioned in section 1Read more
Hi,
So you have received money, generally, people pay to leave a job. So let see the Income-tax treatment of money received in lieu of notice of resignation.
This amount will be treated as “Salary” as defined in section 17(1) and will be chargeable to tax on a receipt basis as mentioned in section 15 of the Income Tax Act.
Thanks
See lessIf Trust or Institution already has a registration u/s 12AA, when can it apply for registration u/s 80G? Before getting registered u/s 12AB or after getting the same?
If the Trust already has registration u/s 12AA, then it can apply for registration u/s 80G under clause iv of the first proviso to section 80G(5). However, it will have to apply for fresh registration u/s 12AB first for the reason stated in the preceding paragraph.
If the Trust already has registration u/s 12AA, then it can apply for registration u/s 80G under clause iv of the first proviso to section 80G(5). However, it will have to apply for fresh registration u/s 12AB first for the reason stated in the preceding paragraph.
See lessWhether a Trust or Institution which does not have registration u/s 12A and 80G of the Act can apply for provisional 12AB and provisional 80G registration simultaneously?
A Trust which does not have registration u/s 12A and 80G of the Act can apply for provisional 12AB and provisional 80G registration. The case will fall in Section 80G(5)(vi) and the clause iv of the first proviso to the said section. The application may be made in Form 10 A with the required enclosuRead more
A Trust which does not have registration u/s 12A and 80G of the Act can apply for provisional 12AB and provisional 80G registration. The case will fall in Section 80G(5)(vi) and the clause iv of the first proviso to the said section.
The application may be made in Form 10 A with the required enclosures as stated under Rule 11 AA of Income Tax Rules.
However, since Sec 80G (5) talks about the registrations to Charitable Trusts established in India whose income is not liable to be included in total income under section 11,12 or clause 23 AA or 23 C of section 10, the first registration granted would be provisional registration u/s 12AB of the Act.
See less