Tag: Gratuity
Rectification application u/s 154 for claim of leave salary encashment exemption u/s 10(10AA) dismissed as barred by limitation In a recent judgment, ITAT has dismissed a plea for claim for leave salary encashment exemption u/s 10(10AA) as the rectification application u/s 154 was made nearly after eight years. …
CBDT increases tax free gratuity limit to Rs. 20 Lakhs u/s 10(10)(iii) of Income Tax Act 1961 MINISTRY OF FINANCE(Department of Revenue)(CENTRAL BOARD OF DIRECT TAXES) Notification No. 16 /2019 (Income-tax) New Delhi, the 8th March, 2019 S.O. 1213(E).—In exercise of the powers conferred by sub-clause (iii) of …
Approved gratuity fund contributions paid in respect of employees taken over by the company eligible for deduction under Section 36(1)(v) – High Court ABCAUS Case Law Citation: ABCAUS 2520 (2018) 09 HC Important Case Laws Cited/relied upon by the parties: Commissioner of Income Tax v. Textool Co.Ltd. Commissioner …
Forfeiture of gratuity is not automatic on dismissal from service; it is subject to sub-Sections (5) and (6) of Section 4 of The Payment of Gratuity Act, 1972. The Act must prevail over the Rules framed by the employer – Supreme Court ABCAUS Case Law Citation: ABCAUS 2467 …
ICAI FAQ on accounting treatment of increase in liability due to enhancement of the gratuity ceiling The Accounting Standards Board (ASB) of the Institute of Chartered Accountants of India (ICAI) has issued the following FAQ on accounting treatment of increase in liability on account of enhancement of the …
Gratuity limit increased to Rs 20 Lakhs for private sector employee. Payment of Gratuity Amendment Act 2018 brought in force on 29th March, 2018 The Payment of Gratuity (Amendment) Bill, 2018 has been passed by Lok Sabha on 15th March, 2018 and by the Rajya Sabha on 22nd March, 2018, …
Gratuity provision allowed even though fund was approved by Commissioner in next year. Assessee cannot be denied benefit merely for delay at the hands of CIT – High Court Prelude: Gratuity is an allowable deduction under the Income Tax Act, 1961 (the Act) and provision for the same …
Payment of Gratuity Amendment Bill 2017 approved by Cabinet. The limit increased to Rs. 20 Lakhs for private sector employee too Press Information Bureau Government of India Ministry of Labour & Employment 12-September-2017 16:54 IST Cabinet approves introduction of the Payment of Gratuity (Amendment) Bill, 2017 in …
