Interested to Buy Any Domain ? << Click Here >> for more details...
How do you calculate GRATUITY and how much its exempted
under taxation?
- 1 Answers
- 6062 Views
- I also Faced
- E-Mail Answers
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.
| Is This Answer Correct ? | 4 Yes | 0 No |
Post New Answer View All Answers
x pay incentive to y with tds@10%.what is the journal entry in the books of x & y?
Recent banking question for 2015 interview for scale2 exam of sbm
ABC LTD IMPORTED GOODS FROM USA FOR $20000 ON 1/1/11 AT A EXCHANGE RATE OF RS.47.55. THEY MADE A PAYMENT OF $12000 ON 15/1/11 AT A RATE OF RS.45.95. BALANCE PAYMENT WAS MADE ON 25/1/11 AT A RATE OF RS.49.10
contents of an invoice receipt? difference b/w statutory audit & internal audit? Where the bank book and the cash book will not reconcile? difference b/w income & expenditure a/c & p/l a/c? what is ERP? what is full form & the application of SAP? Why income statement prepared? What are the reasons where Balance sheet will not tally? How do you calculated Closing stock in the trading a/c? When will the cash book have a Credit balance? Why do you prepare p/l appropriation a/c? What are the 4 difference b/w public and private company? What do you mean by Contingent liability? Explain: Accrual Concept 1. Realisation concept? 2. Accounting concept?
What is the difference between accrual
Tell me what are the activities that includes in cash flow statement?
How can you explain the basic accounting equation?
PROVIDENT FUND TO BE CALCULATED ON BASIC AFTER DEDUCTION OF ABSENTS (LOP)
What will be a entry for TDS deducted on Salaries, Directors Remuneration and Rent.
what is the enty for contract bill raised?
How Adjust The Amount Taken By Partners For Personal Use? Is The Entry For Drawings? Even If The Amt Exceed 5 Lakhs Or As Partners Loan If Its Not Recovered Even After 1 Year? Discribe All.
Is there any circumstance where an accountant is allowed to depart from accounting standards while preparing financial statements? If yes explain why, if no explain no.
How to make a entry in tally for Land & Building Purchased for RS.1,65,00,000/-(Total Consideration)Paid Installment wise as 30 lakh,10 lakh,20 lakh & 1,30,87,500
Tell me what does the standard journal entry includes?
entry for cash received from debtors
