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Dear All,
I have following query/confusion w.r.t. provisions/practices on "The Payment of Gratuity Act, 1972"
Is the ceiling of Rs. 3.50 lacs towards max. gratuity payable under the payment of Gratuity Act or max. amount exempted under the Income Tax Act?
Regards,
Gaurang Sheth
From India, Pune
I have following query/confusion w.r.t. provisions/practices on "The Payment of Gratuity Act, 1972"
Is the ceiling of Rs. 3.50 lacs towards max. gratuity payable under the payment of Gratuity Act or max. amount exempted under the Income Tax Act?
Regards,
Gaurang Sheth
From India, Pune
Dear Mr. Gaurang, The amount of Rs. 3.50 lacs is the Max. eligibility for Gratuity as per Gratuity act. Regards, Santosh Iyer
From India, Pune
From India, Pune
Hello Mr. Iyer,
Thank you for your reply to my query. Does this mean that if at the time of resigning/retiring, 15 days salary X no. of yrs of service is more than 3.50 lacs, legally employee can not claim gratuity of above 3.50 lacs?
Regards,
Gaurang Sheth
From India, Pune
Thank you for your reply to my query. Does this mean that if at the time of resigning/retiring, 15 days salary X no. of yrs of service is more than 3.50 lacs, legally employee can not claim gratuity of above 3.50 lacs?
Regards,
Gaurang Sheth
From India, Pune
1. What is the basic information required for the settlement of gratuity under the payment of gratuity Act,1972 ?
2. An employee has worked in any organisation for 20 years or more. Is it
compulsory to check his /her all increment details i.e. annual Increment / salary fixation which is recorded in the service book, at the time of payment of gratuity due to retirement /resignation / death ?
3. Any amount which has been contributed in excess towards employer share in PF account due to wrong salary fixation / increment or any other reason , whether this Employer contribution amount can be recoverable from payable gratuity to the Employee due to retirement / resignation / death ?
Arun Saxena,
M/s Nav Bharat
Delhi , 9911542883
From India, Lucknow
2. An employee has worked in any organisation for 20 years or more. Is it
compulsory to check his /her all increment details i.e. annual Increment / salary fixation which is recorded in the service book, at the time of payment of gratuity due to retirement /resignation / death ?
3. Any amount which has been contributed in excess towards employer share in PF account due to wrong salary fixation / increment or any other reason , whether this Employer contribution amount can be recoverable from payable gratuity to the Employee due to retirement / resignation / death ?
Arun Saxena,
M/s Nav Bharat
Delhi , 9911542883
From India, Lucknow
Dear Saxena,
1.Gratuity is payable if an employee has put continuous* service of 5 years.
*continuous service according sec 2A of the Gratuity act 1972
2. For calculation of gratuity present salary is taken into consideration
Monthly salary *15*No of years of continuous service /26
From India, Mumbai
1.Gratuity is payable if an employee has put continuous* service of 5 years.
*continuous service according sec 2A of the Gratuity act 1972
2. For calculation of gratuity present salary is taken into consideration
Monthly salary *15*No of years of continuous service /26
From India, Mumbai
Date : 25/10/2010
Dear sir ,
I have not received answer of my third question , kindly look my third question again
my query as under
1. any amount which has been contributed in excess towards employer share in PF account due to wrong salary fixation / increment or any other reason , whether this Employer contribution amount can be recoverable from payable gratuity to the Employee due to retirement / resignation / death ?
Arun Saxena,
M/s Nav Bharat
Delhi , 9911542883
From India, Lucknow
Dear sir ,
I have not received answer of my third question , kindly look my third question again
my query as under
1. any amount which has been contributed in excess towards employer share in PF account due to wrong salary fixation / increment or any other reason , whether this Employer contribution amount can be recoverable from payable gratuity to the Employee due to retirement / resignation / death ?
Arun Saxena,
M/s Nav Bharat
Delhi , 9911542883
From India, Lucknow
Dear Mr Saxena
1) For the settlement of gratuity under the payment of gratuity Act,1972, you need to ensure the minimum 05 years of continous service of an employee and to compute the gratuity, his Last drawn Basic Salary. Apply the formulla to calculate the Gratuity.
2) There is no need to check his past increments records to compute the Gratuity. Only Last Drawn Basic is sufficient.
3) Any Excess contribution made in PF account can not be recovered from Gratuity Amount. B'coz the controlling authorities for the both the acts are deiffetent and hence con not be adjsted.
Rgds
Uday Raverkar
Dy.Manager-HR
RSIL-Indore
From India, Indore
1) For the settlement of gratuity under the payment of gratuity Act,1972, you need to ensure the minimum 05 years of continous service of an employee and to compute the gratuity, his Last drawn Basic Salary. Apply the formulla to calculate the Gratuity.
2) There is no need to check his past increments records to compute the Gratuity. Only Last Drawn Basic is sufficient.
3) Any Excess contribution made in PF account can not be recovered from Gratuity Amount. B'coz the controlling authorities for the both the acts are deiffetent and hence con not be adjsted.
Rgds
Uday Raverkar
Dy.Manager-HR
RSIL-Indore
From India, Indore
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#Listed In: calculation of gratuity City-India-Pune employer contribution income tax act gratuity act payment of gratuity act income tax pf account service book salary fixation payment of gratuity eligibility for gratuity Country-India
Payment of Gratuity Act, 1972 & The Rules.ppt
THE PAYMENT OF GRATUITY ACT 1972.doc
