Scribd Logo
Upload

Welcome to Scribd!

  • Gratuity Exemption For Non Govt Employees Covered by Gratuity Act

    Uploaded by

    xager
    7 views6 pages
    The document contains details of gratuity, leave encashment, pension commutation and other retirement benefits received by two employees. For the first employee, it shows a gratuity amount of Rs. 1.1 million with Rs. 1.1 million eligible for exemption. It also lists other retirement benefits like leave encashment, provident fund and pension commutation. For the second employee, it specifies a gratuity of Rs. 1.76 million with Rs. 1.69 million eligible for exemption. It also provides details on calculating the taxable amount for leave encashment of Rs. 373,322 and pension commutation.

    Original Description:

    Original Title

    Advance Tax working

    Copyright

    © © All Rights Reserved

    Available Formats

    ODS, PDF, TXT or read online from Scribd

    Did you find this document useful?

    Is this content inappropriate?

    Report this Document
    The document contains details of gratuity, leave encashment, pension commutation and other retirement benefits received by two employees. For the first employee, it shows a gratuity amount of Rs. 1.1 million with Rs. 1.1 million eligible for exemption. It also lists other retirement benefits like leave encashment, provident fund and pension commutation. For the second employee, it specifies a gratuity of Rs. 1.76 million with Rs. 1.69 million eligible for exemption. It also provides details on calculating the taxable amount for leave encashment of Rs. 373,322 and pension commutation.

    Copyright:

    © All Rights Reserved
    Download as ODS, PDF, TXT or read online from Scribd
    Flag for inappropriate content
    7 views6 pages

    Gratuity Exemption For Non Govt Employees Covered by Gratuity Act

    Uploaded by

    xager
    The document contains details of gratuity, leave encashment, pension commutation and other retirement benefits received by two employees. For the first employee, it shows a gratuity amount of Rs. 1.1 million with Rs. 1.1 million eligible for exemption. It also lists other retirement benefits like leave encashment, provident fund and pension commutation. For the second employee, it specifies a gratuity of Rs. 1.76 million with Rs. 1.69 million eligible for exemption. It also provides details on calculating the taxable amount for leave encashment of Rs. 373,322 and pension commutation.

    Copyright:

    © All Rights Reserved
    Download as ODS, PDF, TXT or read online from Scribd
    Flag for inappropriate content
    of 6

    Sheet1

    Salary (Basic +DA) 100000


    Gratuity Received 1100000
    Employment period 19 years 7 months

    Gratuity Exemption for Non Govt Employees covered by Gratuity Act


    Basic + DA
    for past 10
    months
    Average of
    10 Months 100000
    Employement
    Period(Round
    ed Off) 20

    Gratuity Exemption
    Last salary
    (basic + DA)*
    number of
    years of
    employment*
    15/26 1153846.154
    20 Lakh 2000000
    Actual
    Gratuity
    Received 1100000
    Eligible
    Gratuity
    Exemption
    (Least of the
    above three) 1100000

    Page 1
    Sheet1

    Gratuity 1761751
    Leave Encashment 10(10AA) 673322
    Providend Fund 1938132
    Commutation of Pension 881841
    Total 5255046

    Page 2
    Sheet2

    Last Salary (Basic +DA) 75230


    Gratuity Received 1762000
    Employment period 38 Y 2 M

    Gratuity Exemption for Non Govt Employees covered by Gratuity Act


    Last
    Salary( Basic
    +DA) 75230
    Employement
    Period(Round
    ed Off) 39

    Gratuity Exemption
    Last salary
    (basic + DA)*
    number of
    years of
    employment*
    15/26 ₹1,692,675.00
    20 Lakh ₹2,000,000.00
    Actual
    Gratuity
    Received ₹1,762,000.00
    Eligible
    Gratuity
    Exemption
    (Least of the
    above three) ₹1,692,675.00

    Taxable ₹69,325.00

    Leave Encashment(In case of non Govt. Employee at the time of retirement)

    Total Salary
    for last 10
    months
    (Basic + DA) 752300
    Average
    salary for last
    10 months 75230
    Leave
    Encashment
    Received 673322
    Leaves
    Remaining
    Sold 240

    Page 3
    Sheet2

    Leaves in
    month 8

    Eligible Leave Encashment Exemption


    Leave
    Encashment
    Received 673322
    Maximum cap
    as stated by
    government  300000
    Average
    salary for last
    10 months 752300
    Cash
    equivalent 601840
    Eligible
    exemption
    (Lease of the
    above) 300000
    Taxable
    Leave
    Encashment 373322

    Commuted Pension for non Govt. Employees(Gratuity recd)


    Commuted
    Pension
    Recd 881841
    Percentage
    of Pension
    commuted 33.33333
    Total Pension 2645523
    Exemption
    available 881841
    Taxable
    Commuted
    Pension 0

    Page 4
    Sheet2

    Gratuity 1761751
    Leave Encashment 10(10AA) 673322
    Providend Fund 1938132
    Commutation of Pension 881841
    Total 5255046

    Page 5
    Sheet3

    Salary 3 240000
    Uncommuted P 9 297000
    Commuted Pension 0
    Gratuity ₹69,325.00
    Leave Encashment 373322
    Providend Fund 0

    Other Sources
    Interest
    Savings
    FD

    Page 6

    You might also like