Dear Sir,
I worked and resigned from a Private Company in Oct '07. Recently (Sept '09), I received gratuity cheques of about 70,000/-.
Please advise, is this income added to my total salary in this year (2009-10) for the calculation of Income Tax.
Thanks/Regards,
A. Narendra
From India, Bhubaneswar
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1I worked and resigned from a Private Company in Oct '07. Recently (Sept '09), I received gratuity cheques of about 70,000/-.
Please advise, is this income added to my total salary in this year (2009-10) for the calculation of Income Tax.
Thanks/Regards,
A. Narendra
From India, Bhubaneswar
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dear if this gratuity is paid as per norms of gratuity act than only it is not taxable. regards j s malik
From India, Delhi
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From India, Delhi
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Gratuiity is excemption in Tax for the first time upto 3.5 laks, suppose it exceeds more than 3.5 laks we have to pay tax. You can claim this only once in life time. Regards R.Palaniswamy
From India, Coimbatore
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From India, Coimbatore
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Dear palaniswamy it is correct that income tax exmp. on gratuity can claim only once in life time. please brief regards guru raj
From India, Bangalore
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From India, Bangalore
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Hi This income of gratuity amount shall be taken into consideration for IT for the year 2009~2010. Tks & Regards
From India, Hyderabad
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From India, Hyderabad
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Folks, please clarify for me if ABC worked in X org for 6 years and received a gratuity of 4 lakhs, then joined Y company and worked for 10 years, receiving a gratuity of 10 lakhs. According to my understanding, anything above 3.5 lakhs is taxable. Does ABC need to pay tax both times?
Hi Mr. Palani Swamy, can you please provide a brief explanation on your thread? I am confused about it. Please clarify for me.
From India, Hyderabad
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Hi Mr. Palani Swamy, can you please provide a brief explanation on your thread? I am confused about it. Please clarify for me.
From India, Hyderabad
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Hi,
As per the Payment of Gratuity Act, an individual is eligible for an amount equivalent to 15 days of salary as per the following formula:
(Basic + DA) X 15) X N
--------------------
26
N - Number of completed years (here six months and above may be rounded off to the next full number).
Since this is a terminal benefit, the individual is eligible for the amount as per the aforesaid formula on his/her last drawn service. Currently, the ceiling is fixed at Rs. 3.5 Lakhs, and anybody who draws/crosses this limit has to pay income tax for the balance amount.
Regards,
Balamurugan Sivaprakasam
Head - HR
ICIM-MM Nagar
From India, Madras
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As per the Payment of Gratuity Act, an individual is eligible for an amount equivalent to 15 days of salary as per the following formula:
(Basic + DA) X 15) X N
--------------------
26
N - Number of completed years (here six months and above may be rounded off to the next full number).
Since this is a terminal benefit, the individual is eligible for the amount as per the aforesaid formula on his/her last drawn service. Currently, the ceiling is fixed at Rs. 3.5 Lakhs, and anybody who draws/crosses this limit has to pay income tax for the balance amount.
Regards,
Balamurugan Sivaprakasam
Head - HR
ICIM-MM Nagar
From India, Madras
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Hi Shankar,
Below, please find the basis of computation of income from salary as defined by the Income Tax Act. Please go through the Gratuity section; your query will be answered in full. In a nutshell, in light of your example, out of Rs. 14 Lakhs, Rs. 10.5 lakh would be taxable income.
Rgds., Balkrishna
Computation of Income
This section contains only salient features for the computation of income. The sections in this topic are as follows:
Salary income
House Property income
Capital Gains
Other Sources Income
Deductions
Rebates
Salary Income
Salary normally includes wages, annuity, pension, gratuity, commission, perquisites, etc., and any other payment received by an employee from the employer during the year.
Allowances
Most allowances are taxable, like City Compensatory allowance, tiffin allowance, fixed medical allowance, and servant allowances; encashment of any concession is also taxable.
A) House Rent Allowance
Out of the house rent allowance received during the year, the least of the following three amounts will not be included in income:
The amount equal to 50% of annual salary, for persons staying in Mumbai, Chennai, Calcutta or Delhi, but 40% for others
The actual amount of house rent allowance received
The amount of rent actually paid in excess of 10% of annual salary
Here, salary includes basic salary, dearness allowance, and commission on a fixed percentage but not other allowances.
B) Transport allowance
Transport allowance for traveling from residence to office is exempt up to Rs 800 per month.
C) Any allowance granted for encouraging academic, research, and other professional pursuits
To the extent the allowance is utilized for the purpose specified.
D) Children Education Allowance
Rs. 100 per month per child up to a maximum of two children
E) Any allowance granted to an employee to meet the hostel expenditure on his child
Rs. 300 per month per child up to a maximum of two children
Perquisites
The following perquisites are not taxable either under the executive instructions of the Central Board of Direct Taxes or by virtue of specific provisions in the Act/Rules:
Rent-Free House
Rent-free official residence provided to a judge of a High Court or of the Supreme Court.
Rent-free furnished residence (including maintenance thereof) provided to an official of Parliament, a Union Minister, or a Leader of Opposition in Parliament
Accommodation provided in a 'remote area' to an employee working at a mining site or an onshore oil exploration site, or a project execution site or an accommodation provided in an offshore site of similar nature.
Accommodation provided on the transfer of an employee in a hotel for not exceeding 15 days in aggregate.
Car
Reimbursement of expenses in respect of a car (which is owned by an employee and used for personal and official purposes) (amount not taxable is up to Rs. 1,200 per month for a car having an engine capacity of not more than 1600cc, Rs. 1,600 per month for a car of above 1600cc, and Rs. 600 per month for a driver).
Conveyance facility provided to High Court Judges and Supreme Court Judges.
Conveyance facility provided to an employee to cover the journey between the office and residence.
Interest-Free Loan
Interest-free / concessional loan of an amount not exceeding Rs.20,000
Others
Gift-in-kind up to Rs.5,000 in a year.
Employer's contribution to staff group insurance scheme.
Leave Encashment
Leave encashment while in service is taxable. Encashment of sick leave is taxable.
Leave encashment received at the time of retirement is fully exempt in the case of Government Servants. In the case of non-Govt. Employees, leave encashment is exempt to the extent of the least of the following four amounts:
Rs. 3,00,000/-
Ten months' average salary;
Cash equivalent of the leave due at the time of retirement;
Leave encashment actually received at the time of retirement.
Here the average salary means the average of the salary drawn during the last ten months before retirement.
Gratuity
Any death cum retirement gratuity received by Government or Local Authority employees is exempt from tax. For Non-Government Employees, the taxability depends on whether Gratuity is covered under the Gratuity Act
A) Gratuity covered under the Gratuity Act
For Gratuity covered under the Gratuity Act, the total of gratuity received by an employee, covered by the Gratuity Act, from various employers in the whole of service is exempt from tax to the extent of the least of the following three amounts:
15 days' salary, based on the last drawn salary, for each completed year of service
Rs. 3,50,000/-; or
The gratuity actually received.
B) Gratuity not covered under the Gratuity Act
For Gratuity not covered under the Gratuity Act any gratuity not covered by the Gratuity Act is exempt from tax to the extent of the least of the following three amounts
The half month's salary for each completed year of service; or
Rs.3,50,000/-; or
The gratuity actually received.
VRS Compensation
Compensation received at the time of voluntary retirement is exempt up to Rs 5 lakhs under certain conditions.
Deductions from Salary income
Certain deductions are available while determining the taxable salary income.
A) Standard Deduction
Standard deduction from the Assessment year 2004-05
Income from salary before giving Standard Deduction
Amount of standard Deduction from the assessment year 2004-05
Income from salary is less than Rs. 1.5 lakhs
40% of gross salary or Rs.30,000 whichever is lower
Income from salary exceeds Rs. 1.5 lakhs but does not exceed Rs. 5 lakhs
Rs. 30,000
Income from Salary exceeds Rs. 5 lakhs
Rs. 20,000/-
B) Professional Tax
Professional tax, which is paid, is allowed as a deduction.
C) Arrears salary
If salary is received in arrears or in advance, it can be spread over the years to which it relates and be taxed accordingly as per section 89(1) of the Income tax Act.
House Property Income
Tax is on the annual value of the house property after allowing certain deductions. House Property consists of any building, flat, shop, etc., and the land attached to the building.
Computation of income from Self Occupied property
Income is computed after giving certain deductions from the annual value of the property.
A) Computation of annual value of self-occupied property
The annual value of Self-occupied property is taken as NIL if the property is fully utilized for own residential stay during the year or if the property is not actually occupied as owner and is also not let out. If a property is let out for only a part of the year, proportionate annual value will be calculated.
B) Entitled deductions for self-occupied property
The only entitled deduction is interest, if any payable, on a loan taken for the purchase or construction of the house property. The maximum deduction on this account is Rs.30,000/-; However, for properties acquired or constructed between the 1st April 1999 and the 1st April 2003 out of borrowed funds, the maximum limit is Rs. 1,50,000/-
Computation of income from let out property
Income is computed after giving certain deductions from the net annual value of the let-out property.
A) Computation of net value of let-out property
For let-out properties, the gross annual value will be the greater of the following three amounts:
Municipal value of the property;
Actual rent received during the year;
Fair rent i.e. rent of similar properties in the same or similar locality.
Out of the gross annual value, municipal taxes actually paid during the year have to be deducted to arrive at the net annual value.
B) Entitled deductions for let-out property
The deductions available for computing House Property Income are:
30% of the net annual value for repair and maintenance and rent collection expenses for the property
Interest on money borrowed to build, buy or repair the property;
Ownership of property
Besides owning property in own name, a person is deemed as owner in the following three cases:
As transferor of the property to spouse or minor child for inadequate or no consideration;
As the holder of an impartible estate or a property in part performance of a contract under the Transfer of Property Act;
As a shareholder of a cooperative society or a company, which entitles to hold any property.
Capital Gains
If any Capital Asset is sold or transferred, the profits arising out of such sale are taxable as capital gains in the year in which the transfer takes place.
Definition of capital asset
Capital Asset means all movable or immovable property except trading goods, personal effects, agricultural land other than within municipal areas or within 8 kilometers from it wherever notified and gold bonds. Jewelry and ornament are not personal effects and their sale will attract capital gains.
Distinction between short term and long-term asset
Capital Assets are of two types i.e., long term and short term. Long-term capital assets are assets held for more than 36 months before they are sold or transferred. In the case of shares, debentures, and mutual fund units, the period of holding required is only 12 months. Different rates of tax apply for gains on transfer of the long-term and short-term capital assets. Gains on short-term capital assets are taxed as regular income.
Computation of Capital Gains
Capital gains are to be computed by deducting the following three amounts from the consideration money received on transfer of the asset.
i) The actual cost of the asset or its estimated market value as
From India, Mumbai
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Below, please find the basis of computation of income from salary as defined by the Income Tax Act. Please go through the Gratuity section; your query will be answered in full. In a nutshell, in light of your example, out of Rs. 14 Lakhs, Rs. 10.5 lakh would be taxable income.
Rgds., Balkrishna
Computation of Income
This section contains only salient features for the computation of income. The sections in this topic are as follows:
Salary income
House Property income
Capital Gains
Other Sources Income
Deductions
Rebates
Salary Income
Salary normally includes wages, annuity, pension, gratuity, commission, perquisites, etc., and any other payment received by an employee from the employer during the year.
Allowances
Most allowances are taxable, like City Compensatory allowance, tiffin allowance, fixed medical allowance, and servant allowances; encashment of any concession is also taxable.
A) House Rent Allowance
Out of the house rent allowance received during the year, the least of the following three amounts will not be included in income:
The amount equal to 50% of annual salary, for persons staying in Mumbai, Chennai, Calcutta or Delhi, but 40% for others
The actual amount of house rent allowance received
The amount of rent actually paid in excess of 10% of annual salary
Here, salary includes basic salary, dearness allowance, and commission on a fixed percentage but not other allowances.
B) Transport allowance
Transport allowance for traveling from residence to office is exempt up to Rs 800 per month.
C) Any allowance granted for encouraging academic, research, and other professional pursuits
To the extent the allowance is utilized for the purpose specified.
D) Children Education Allowance
Rs. 100 per month per child up to a maximum of two children
E) Any allowance granted to an employee to meet the hostel expenditure on his child
Rs. 300 per month per child up to a maximum of two children
Perquisites
The following perquisites are not taxable either under the executive instructions of the Central Board of Direct Taxes or by virtue of specific provisions in the Act/Rules:
Rent-Free House
Rent-free official residence provided to a judge of a High Court or of the Supreme Court.
Rent-free furnished residence (including maintenance thereof) provided to an official of Parliament, a Union Minister, or a Leader of Opposition in Parliament
Accommodation provided in a 'remote area' to an employee working at a mining site or an onshore oil exploration site, or a project execution site or an accommodation provided in an offshore site of similar nature.
Accommodation provided on the transfer of an employee in a hotel for not exceeding 15 days in aggregate.
Car
Reimbursement of expenses in respect of a car (which is owned by an employee and used for personal and official purposes) (amount not taxable is up to Rs. 1,200 per month for a car having an engine capacity of not more than 1600cc, Rs. 1,600 per month for a car of above 1600cc, and Rs. 600 per month for a driver).
Conveyance facility provided to High Court Judges and Supreme Court Judges.
Conveyance facility provided to an employee to cover the journey between the office and residence.
Interest-Free Loan
Interest-free / concessional loan of an amount not exceeding Rs.20,000
Others
Gift-in-kind up to Rs.5,000 in a year.
Employer's contribution to staff group insurance scheme.
Leave Encashment
Leave encashment while in service is taxable. Encashment of sick leave is taxable.
Leave encashment received at the time of retirement is fully exempt in the case of Government Servants. In the case of non-Govt. Employees, leave encashment is exempt to the extent of the least of the following four amounts:
Rs. 3,00,000/-
Ten months' average salary;
Cash equivalent of the leave due at the time of retirement;
Leave encashment actually received at the time of retirement.
Here the average salary means the average of the salary drawn during the last ten months before retirement.
Gratuity
Any death cum retirement gratuity received by Government or Local Authority employees is exempt from tax. For Non-Government Employees, the taxability depends on whether Gratuity is covered under the Gratuity Act
A) Gratuity covered under the Gratuity Act
For Gratuity covered under the Gratuity Act, the total of gratuity received by an employee, covered by the Gratuity Act, from various employers in the whole of service is exempt from tax to the extent of the least of the following three amounts:
15 days' salary, based on the last drawn salary, for each completed year of service
Rs. 3,50,000/-; or
The gratuity actually received.
B) Gratuity not covered under the Gratuity Act
For Gratuity not covered under the Gratuity Act any gratuity not covered by the Gratuity Act is exempt from tax to the extent of the least of the following three amounts
The half month's salary for each completed year of service; or
Rs.3,50,000/-; or
The gratuity actually received.
VRS Compensation
Compensation received at the time of voluntary retirement is exempt up to Rs 5 lakhs under certain conditions.
Deductions from Salary income
Certain deductions are available while determining the taxable salary income.
A) Standard Deduction
Standard deduction from the Assessment year 2004-05
Income from salary before giving Standard Deduction
Amount of standard Deduction from the assessment year 2004-05
Income from salary is less than Rs. 1.5 lakhs
40% of gross salary or Rs.30,000 whichever is lower
Income from salary exceeds Rs. 1.5 lakhs but does not exceed Rs. 5 lakhs
Rs. 30,000
Income from Salary exceeds Rs. 5 lakhs
Rs. 20,000/-
B) Professional Tax
Professional tax, which is paid, is allowed as a deduction.
C) Arrears salary
If salary is received in arrears or in advance, it can be spread over the years to which it relates and be taxed accordingly as per section 89(1) of the Income tax Act.
House Property Income
Tax is on the annual value of the house property after allowing certain deductions. House Property consists of any building, flat, shop, etc., and the land attached to the building.
Computation of income from Self Occupied property
Income is computed after giving certain deductions from the annual value of the property.
A) Computation of annual value of self-occupied property
The annual value of Self-occupied property is taken as NIL if the property is fully utilized for own residential stay during the year or if the property is not actually occupied as owner and is also not let out. If a property is let out for only a part of the year, proportionate annual value will be calculated.
B) Entitled deductions for self-occupied property
The only entitled deduction is interest, if any payable, on a loan taken for the purchase or construction of the house property. The maximum deduction on this account is Rs.30,000/-; However, for properties acquired or constructed between the 1st April 1999 and the 1st April 2003 out of borrowed funds, the maximum limit is Rs. 1,50,000/-
Computation of income from let out property
Income is computed after giving certain deductions from the net annual value of the let-out property.
A) Computation of net value of let-out property
For let-out properties, the gross annual value will be the greater of the following three amounts:
Municipal value of the property;
Actual rent received during the year;
Fair rent i.e. rent of similar properties in the same or similar locality.
Out of the gross annual value, municipal taxes actually paid during the year have to be deducted to arrive at the net annual value.
B) Entitled deductions for let-out property
The deductions available for computing House Property Income are:
30% of the net annual value for repair and maintenance and rent collection expenses for the property
Interest on money borrowed to build, buy or repair the property;
Ownership of property
Besides owning property in own name, a person is deemed as owner in the following three cases:
As transferor of the property to spouse or minor child for inadequate or no consideration;
As the holder of an impartible estate or a property in part performance of a contract under the Transfer of Property Act;
As a shareholder of a cooperative society or a company, which entitles to hold any property.
Capital Gains
If any Capital Asset is sold or transferred, the profits arising out of such sale are taxable as capital gains in the year in which the transfer takes place.
Definition of capital asset
Capital Asset means all movable or immovable property except trading goods, personal effects, agricultural land other than within municipal areas or within 8 kilometers from it wherever notified and gold bonds. Jewelry and ornament are not personal effects and their sale will attract capital gains.
Distinction between short term and long-term asset
Capital Assets are of two types i.e., long term and short term. Long-term capital assets are assets held for more than 36 months before they are sold or transferred. In the case of shares, debentures, and mutual fund units, the period of holding required is only 12 months. Different rates of tax apply for gains on transfer of the long-term and short-term capital assets. Gains on short-term capital assets are taxed as regular income.
Computation of Capital Gains
Capital gains are to be computed by deducting the following three amounts from the consideration money received on transfer of the asset.
i) The actual cost of the asset or its estimated market value as
From India, Mumbai
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Dear Shankar, The Gratuity amount is taken for the life time. If the Gratuity amount received in any parts exceeds 3.5 Lakh, then over and above amount is taxable. Regards, Dinakar.V HR
From India, Hyderabad
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From India, Hyderabad
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Hi all,
Under the present Gratuity Act and IT rules, up to Rs 3.5 lakh is not taxable. According to the latest Finance Bill, gratuity paid to an employee not exiting on superannuation is likely to be taxed with effect from 2009-10. However, full details regarding this matter are yet to be published.
From India, Calcutta
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Under the present Gratuity Act and IT rules, up to Rs 3.5 lakh is not taxable. According to the latest Finance Bill, gratuity paid to an employee not exiting on superannuation is likely to be taxed with effect from 2009-10. However, full details regarding this matter are yet to be published.
From India, Calcutta
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as per present Act only Rs. 3.50 lakhs is the upper limit from all sources. Not taxable if calculated 15/26 for each completed year subject to limit of Rs.3.50-any payment fom earlier employer
From India, Delhi
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From India, Delhi
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Dear Mr. Rajat Joshi,
I need further clarification. Suppose an employee works for a company for 6 years and attains gratuity, receiving an exemption of up to 3.5 lakhs. If he then works for another company for 7 years, my question is whether he is eligible for gratuity as per the rules and whether the 3.5 lakh exemption limit is applicable in this case too, or if he has to pay tax on the entire amount of gratuity.
Your response is urgently required. Thanks in advance.
Regards,
R. Sudhakar
From India, Madras
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I need further clarification. Suppose an employee works for a company for 6 years and attains gratuity, receiving an exemption of up to 3.5 lakhs. If he then works for another company for 7 years, my question is whether he is eligible for gratuity as per the rules and whether the 3.5 lakh exemption limit is applicable in this case too, or if he has to pay tax on the entire amount of gratuity.
Your response is urgently required. Thanks in advance.
Regards,
R. Sudhakar
From India, Madras
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Dear all,
The basic question raised is whether income from Gratuity is taxable or not? Here, I would like to clarify that the amount received as gratuity (as per the Gratuity Act) is not taxable up to Rs. 3,50,000. However, income received on receipted gratuity (after investment) is fully taxable as per the income slab laid down under the IT Act.
Some companies consider gratuity amount in CTC and maintain the practice to pay accumulated gratuity as per CTC at the time of full and final settlement of the employee, even if the employee served for less than 5 years. In such cases, although the company labels it as gratuity, under the IT Act, it is considered as regular salary income like other allowances and not as gratuity. Therefore, such income is treated as taxable income.
Regards.
From India, Pune
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The basic question raised is whether income from Gratuity is taxable or not? Here, I would like to clarify that the amount received as gratuity (as per the Gratuity Act) is not taxable up to Rs. 3,50,000. However, income received on receipted gratuity (after investment) is fully taxable as per the income slab laid down under the IT Act.
Some companies consider gratuity amount in CTC and maintain the practice to pay accumulated gratuity as per CTC at the time of full and final settlement of the employee, even if the employee served for less than 5 years. In such cases, although the company labels it as gratuity, under the IT Act, it is considered as regular salary income like other allowances and not as gratuity. Therefore, such income is treated as taxable income.
Regards.
From India, Pune
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Hi Shankar,
Thank you for your reply. My question is: suppose "A" works for ABC for 7 years and receives a gratuity of 5 lakhs. A is exempted up to 3.5 lakhs and pays tax on 1.5 lakhs. A then works for another company, XYZ, for 10 years and receives a gratuity of 10 lakhs.
Now, my question is whether A needs to pay tax on 10 lakhs or 6.5 lakhs. Also, who monitors whether the gratuity exemption has already been utilized by an individual?
Regards,
R Sudhakar
From India, Madras
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Thank you for your reply. My question is: suppose "A" works for ABC for 7 years and receives a gratuity of 5 lakhs. A is exempted up to 3.5 lakhs and pays tax on 1.5 lakhs. A then works for another company, XYZ, for 10 years and receives a gratuity of 10 lakhs.
Now, my question is whether A needs to pay tax on 10 lakhs or 6.5 lakhs. Also, who monitors whether the gratuity exemption has already been utilized by an individual?
Regards,
R Sudhakar
From India, Madras
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Hi Sudhakar,
I have already posted my detailed comment on a similar question on this thread only (you may refer to it). In view of your example, as you paid tax on 1.5 lakh (difference) received from your first employment, you have to pay tax on the full amount of gratuity received from all subsequent employers. Regarding the tracking of tax, you must be aware that the IT department has implemented a MAPPING system based on your PAN. Thus, all transactions carried out throughout your life are recorded on a single page (your PAN). Obviously, if the IT Act is so clear on the taxation front, they will implement a system to track your income received under different heads. Moreover, it will be questioned during the scrutiny of your return where you might have reported the receipt of gratuity. It's better to be clear today to stay tension-free in the future. Hoping your query is answered in full.
Balkrishna
From India, Mumbai
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I have already posted my detailed comment on a similar question on this thread only (you may refer to it). In view of your example, as you paid tax on 1.5 lakh (difference) received from your first employment, you have to pay tax on the full amount of gratuity received from all subsequent employers. Regarding the tracking of tax, you must be aware that the IT department has implemented a MAPPING system based on your PAN. Thus, all transactions carried out throughout your life are recorded on a single page (your PAN). Obviously, if the IT Act is so clear on the taxation front, they will implement a system to track your income received under different heads. Moreover, it will be questioned during the scrutiny of your return where you might have reported the receipt of gratuity. It's better to be clear today to stay tension-free in the future. Hoping your query is answered in full.
Balkrishna
From India, Mumbai
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