Mr. Ashutosh retired from an Indian company after serving for 34 years

Question

Mr. Ashutosh retired from an Indian company after serving for 34 years 4 months on 31st December, 2021. The company paid him Rs. 8, 00,000 as gratuity under the Payment of Gratuity Act, 1972. His monthly salary and D.A. at the time of retirement was Rs. 58,000 and Rs. 5,800 respectively. Compute the exempted gratuity U/S 10(10) (ii) of Income Tax Act.

22 Apr 2024

Answer :

Word Count : 285

To compute the exempted gratuity under Section 10(10)(ii) of the Income Tax Act, we need to calculate the following:

1. Actual Gratuity Received
2. Gratuity Payable as per the Payment of Gratuity Act, 1972
3. Gratuity Exemption Limit under Section 10(10)(ii) of the Income Tax Act

Given:
- Actual Gratuity Received = Rs. 8,00,000
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		RS
1	Interest received on 7% bonds of UP Govt.	5,000
2	Income from house property	24,000
3	Dividend received on preference shares of Indian company	10,000
4	LTC Loss (Related to the year 2019-20)	7,000
5	LTC Gain	5,000
6	STC Gain	6,000
7	STC Loss	2,000