Powerpoint presentation on the Pyment of Gratuity Act, 1972
From India, Mumbai
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5From India, Mumbai
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Thanks for this wonderful information. However, this PowerPoint presentation talks only about the formulas used to calculate the eligible gratuity for a person. It would be great and more complete if you could also help calculate the tax payable on the gratuity.
The gratuity law very clearly states that the minimum period of eligibility is 5 years and that more than 6 months of service is treated as a full year. For example, if an employee completes 8 years and 8 months, they are eligible for a gratuity of 9 years. However, when the tax payable on this gratuity is calculated, employers still consider 8 years as the number of completed years, resulting in the employee paying more tax. I believe that even for computing tax, 9 years should be considered.
Comments please
From India, Pune
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The gratuity law very clearly states that the minimum period of eligibility is 5 years and that more than 6 months of service is treated as a full year. For example, if an employee completes 8 years and 8 months, they are eligible for a gratuity of 9 years. However, when the tax payable on this gratuity is calculated, employers still consider 8 years as the number of completed years, resulting in the employee paying more tax. I believe that even for computing tax, 9 years should be considered.
Comments please
From India, Pune
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Thanks so much for the PowerPoint presentation on the Payment of Gratuity. My company is a young, privately owned company with a responsive leader who has the interests of his employees at heart. I am trying to overhaul the company's gratuity process and need to get the correct calculation formula for effective implementation.
Regards
From Nigeria, Lagos
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Regards
From Nigeria, Lagos
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