What is Gratuity Derived form the word “Gratitude” Lumpsum amount paid by employer to employee at the time of retirement, superannuation or death Statutes Applicable Payment of Gratuity Act, 1972 Income Tax Act, 1961 AS 15/ Ind AS 19 – Employee Benefits Provision of Gratuity liability Payment of Gratuity Act, 1972 Section …
The Employees’ Provident Scheme (1952) came into effect to ensure social security for workers in both the organized and unorganized sectors. The companies have to contribute to the Employees’ Provident Fund Organisation (EPFO) trust towards the EPF fund. But some companies can also manage their own private PF trust if they acquire the exemption from the government. Private …
Section 11 of Income Tax Act, 1961- Income from property held for charitable or religious purposes Sub Section (1) of Section 11 Subject to the provisions of sections 60 to 63, the following income shall not be included in the total income (i.e. Exempt) of the previous year of the person in receipt of the …
Section 11 – Made Easy – Never Before Ever After – Comprehensive Read More »