Answered step by step
Verified Expert Solution
Question
1 Approved Answer
. : Mr. Ravi retired on 15.6.2020 after completion of 26 years 8 months of service and received gratuity of 715,00,000. At the time of
. : Mr. Ravi retired on 15.6.2020 after completion of 26 years 8 months of service and received gratuity of 715,00,000. At the time of retirement, his salary was: Basic Salary *50,000 p.m. Dearness Allowance : 10,000 p.m. (60% of which is for retirement benefits) Commission 1% of turnover (turnover in the last 12 months was 1,20,00,000) Bonus 325,000 p.a. Compute his taxable gratuity assuming: (a) He is private sector employee and covered by the Payment of Gratuity Act, 1972, (b) He is private sector employee and not covered by Payment of Gratuity Act, 1972. (c) He is a Government employee
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started