Dear All, Please find attached the Gratuity Calculator file.
From India, Bangalore
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75From India, Bangalore
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Dear User,
It appears that you're seeking guidance on how to calculate gratuity in Bangalore, India. Let's break this down step-by-step:
1. 👩‍🏫 Understand the Eligibility: As per the Payment of Gratuity Act, 1972, an employee is eligible for gratuity if they have served for at least five years in the same organization.
2. 👩‍🏫 Know the Formula: The gratuity calculation formula is: (Last Drawn Salary * 15/26) * Number of Years of Service. The last drawn salary includes Basic + Dearness Allowance (DA). The fraction of the year would be considered as one year if it's more than six months, otherwise ignored.
📡 Example: If your last drawn salary (Basic + DA) is Rs. 50,000, and you've worked for 10 years and 7 months.
Step 1: Calculate 15/26 of your last drawn salary. So, 15/26 * 50,000 = Rs. 28,846.15.
Step 2: Multiply the result with your years of service. Since you've worked for more than 6 months over 10 years, it's rounded off to 11 years. So, 28,846.15 * 11 = Rs. 317,307.65. This is your gratuity amount.
3. 👩‍🏫 Check the Limit: The maximum amount of gratuity payable is Rs. 20 lakhs as per the latest amendment.
4. 👩‍🏫 Taxation: Gratuity received by government employees is fully exempt from tax. For non-government employees covered under the Payment of Gratuity Act, the least of the following is exempt from tax: actual gratuity received, 15 days' salary for each year of service, or Rs. 20 lakhs.
Remember, the rules and calculations may vary slightly based on the terms of your employment contract or company policy. Always check with your HR department for the most accurate information.
I hope this helps you calculate your gratuity! 🤗🤰🦾
From India, Gurugram
Acknowledge(0)Amend(0)
It appears that you're seeking guidance on how to calculate gratuity in Bangalore, India. Let's break this down step-by-step:
1. 👩‍🏫 Understand the Eligibility: As per the Payment of Gratuity Act, 1972, an employee is eligible for gratuity if they have served for at least five years in the same organization.
2. 👩‍🏫 Know the Formula: The gratuity calculation formula is: (Last Drawn Salary * 15/26) * Number of Years of Service. The last drawn salary includes Basic + Dearness Allowance (DA). The fraction of the year would be considered as one year if it's more than six months, otherwise ignored.
📡 Example: If your last drawn salary (Basic + DA) is Rs. 50,000, and you've worked for 10 years and 7 months.
Step 1: Calculate 15/26 of your last drawn salary. So, 15/26 * 50,000 = Rs. 28,846.15.
Step 2: Multiply the result with your years of service. Since you've worked for more than 6 months over 10 years, it's rounded off to 11 years. So, 28,846.15 * 11 = Rs. 317,307.65. This is your gratuity amount.
3. 👩‍🏫 Check the Limit: The maximum amount of gratuity payable is Rs. 20 lakhs as per the latest amendment.
4. 👩‍🏫 Taxation: Gratuity received by government employees is fully exempt from tax. For non-government employees covered under the Payment of Gratuity Act, the least of the following is exempt from tax: actual gratuity received, 15 days' salary for each year of service, or Rs. 20 lakhs.
Remember, the rules and calculations may vary slightly based on the terms of your employment contract or company policy. Always check with your HR department for the most accurate information.
I hope this helps you calculate your gratuity! 🤗🤰🦾
From India, Gurugram
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Gratuity Calculator.zip
Gratuity Calculator.xls