How do you calculate GRATUITY and how much its exempted
under taxation?
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Answer Posted / r.chandrasekaran
Gratuity is calculated as 15 day's salary (7 days in the case of employees of seasonal establishments)based on the salary last drawn for every completed year of service or part thereof in excess of 6 months.
Gratuity is taxable u/s.10(10) of I.T.Act, 1961 to the extent of Rs.3,50,000/- or gratuity actually received, whichever is less.
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