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Please Help: INCOME TAX

Posted Date : 07-Jun-2018 , 08:28:49 pm | Posted By: ARUN

Category : Income Tax | Answers : 0| Comments : 2| Hits: 506

GRATUTITY OF 18 LACS RECEIVED BY BANK EMPLOYEE IN SEPTEMBER 2017 WHAT WILL BE THE EXEMPTION LIMIT FOR AY 18-19

Comments
Posted By : YUGENDRA NAGPURE 21-Jun-2018, 01:07:26
Death -cum-Retirement Gratuity received by other employees who are covered under Gratuity Act, 1972 (other than Government employee) (Subject to certain conditions). 10(10) Least of following amount is exempt from tax: 1. (*15/26) X Last drawn salary** X completed year of service or part thereof in excess of 6 months. 2. Rs. 20,00,000 3. Gratuity actually received. *7 days in case of employee of seasonal establishment. ** Salary = Last drawn salary including DA but excluding any bonus, commission, HRA, overtime and any other allowance, benefits or perquisite 5. Death -cum-Retirement Gratuity received by other employees who are not covered under Gratuity Act, 1972 (other than Government employee)(Subject to certain conditions). 10(10) Least of following amount is exempt from tax: 1. 1/2 X Average Salary* X Completed years of service 2. Rs. 10,00,000 3. Gratuity actually received. *Average salary = Average Salary of last 10 months immediately preceding the month of retirement **Salary = Basic Pay + Dearness Allowance (to the extent it forms part of retirement benefits)+ turnover based commission
 
Posted By : Ashok 20-Jun-2018, 01:32:27
now 20 lakh examption limit
 

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