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Retrenchment and gratuity are not the same; they refer to different concepts in employment. Retrenchment is the process of reducing the workforce, often due to economic reasons, while gratuity is a financial benefit given to employees upon leaving a company after a certain period of service, typically as a form of severance or retirement pay. Gratuity is a reward for long service, whereas retrenchment pertains to job cuts.
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Is gratuity taxable?
Yes the amounts are property, etc received would be taxable income to the receiver of the gratuity.
If the total bill is 37.90 and gratuity is 15 percent what tip will be left?
37.90 + 15% = 43.58 Gratuity at 15% = 5.68
Whether gratuity is taxable under Indian Income Tax?
Gratuity can be received by the employee at the time of his retirement or by his legal heir in the event of death of the employee. Gratuity received by an employee on his retirement is taxable under the head "Salary" and gratuity received by the legal heir is taxable under the head" Income from Other Sources". In both the above situations gratuity upto a specified limit is exempt under the provisions of sec.10(10) of the Income Tax Act, 1961. For the purpose of exemption of gratuity under sec.10(10) the employees are divided under three categories: # Govt. employees - In the case of govt. employees the entire amount of death-cum-retirement gratuity is exempt from tax and nothing is therefore taxable under the head Salaries. #* The amount of gratuity actually received. #* Fifteen days' salary (7 days in the case of seasonal employment) for every completed year of service provided the employment is more than six months. # Employees covered under the Payment of Gratuity Act, 1972 - The employees covered under the Gratuity Act who receive gratuity have been given exemption which is the minimum of the following amounts. Gratuity received in excess of the minimum of the amounts mentioned below is included in the gross salary for the purposes of taxation. #* Actual amount of gratuity received. #* Half month's average salary for every completed year of service. (Average salary means the average of the salary drawn by the employee for 10 months immediately preceding the month in which he retires) # Other employees - In the case of other employees the gratuity received or receivable on his retirement or on his becoming incapacited prior to such retirement or termination of his employment or any gratuity received by his heirs is exempt to the extent of the minimum of the following amounts. The amount received in excess of the sums mentioned below is included in the gross salary of the employee for the purposes of taxation.
Compute an 18 percent gratuity on a 3000 banquet fee?
zero
What is the definition of tip?
all depends which tip you mean - a place where household rubbish is taken to be recycled, the rounded end of something, something fitted to the end of something, a small part of something largely hidden, to push or knock something over, to tilt, slant or incline, a small some of money as a gratuity, the top or summit...................
What is the accounting entry for provision for gratuity?
Gratuity a/c dr Provision for gratuity a/c
Is gratuity comes under cost to the company?
Gratuity is supposed to be paid by the employer and should not come under the cost to company. The reasons are if Gratuity is added to the CTC, then the same should be paid to the individual during his seperation. Gratuity should normally be mentioned seperately on the offer letter. Regards, Sriram Send your replies to smarirs@yahoo.com
What is retrenchment and advantages?
Retrenchment refers to sudden firing of employees du to change in organisational strategy or bjective
How do you say 'gratuity' in Spanish?
gratificación - gratuity
What is meant by retrenchment?
tacr
Is a service charge the same as gratuity?
No, a service charge is a mandatory fee added to a bill by the establishment, whereas gratuity is a voluntary tip given by a customer as a gesture of appreciation for good service. Service charges are typically non-negotiable, while gratuity amount is at the discretion of the customer.
Is gratuity part of salary?
Gratuity means tip
What is a synonym for gratuity?
A gratuity is more commonly known as a tip.
What is another word for tip?
Another word for tip is gratuity.
What is the Formula for calculating pension equivalent of gratuity?
pension equivalent gratuity
What is meaning of retrenchment?
A retrenchment strategy is a type of strategy a corporation uses to scale back its operations. The company can use this to limit the diversity of their operations or just the size of their processes in general.
What was the cornerstone of the Republican domestic policy?
retrenchment.
