Explain the provisions of Income – tax Act in connection with taxability of gratuity AN Encashment of earned leave by an employee retiring form an organization.
The provisions of the Income Tax Act, 1961, concerning the taxability of gratuity and encashment of earned leave upon an employee’s retirement are primarily found in Section 10 and Section 17 of the Act. These provisions differentiate between the tax treatment of gratuity and leave encashment, taking into account the nature of the payment, the amount, and the status of the employee.
### Gratuity
Gratuity is a lump sum payment made by an employer to an employee in recognition of the employee’s long service upon retirement, resignation, or death. The taxability of gratuity depends on whether it is covered under the Payment of Gratuity Act, 1972, and the nature of the employee’s service (whether employed in the government sector, a non-government sector, or under a private employer).
1. Government Employees: For employees working in the government sector, gratuity
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Mr. Raman Prakash is reader in a college, run by a society, on a monthly salary of Rs. 44, 000. Besides salary he also gets 43% of salary as dearness allowance, Rs 800 p.m. entertainment allowance and Rs. 500 p.m. as proctor’s allowance. During the year he gets Rs. 450 p.m. as additional D.A. Arrears of salary receive Rs. 25, 000.
He contributes 10% of his salary to Provident Fund. The college contributes an equal amount. Interest credited to his provident fund @ 12% amounted to Rs. 40,000. Three children of Mr. Raman Praksh are studying in an institution run by the society, which runs the college for which he paid nothing. Normally, expenditure in an institution of that standard comes to Rs. 1,500 p.m. for one student. Mr. Raman Prakash is provided with a rent-free accommodation in a city (population 13 lakh) which is owned by the college.
Its fair rental value is Rs. 2,500 p.m. A gardener for the upkeep of the garden on the back side of the house is also provided. The salary of gardener amounting to Rs. 300 p.m. is also paid by the college. During the year Mr. Raman Prakash proceeded on two months’ leave with full pay to his home at Jaipur. The college paid Rs. 6,500 being the air fair to and from Jaipur fro him and his wife for this purpose.
Compute the taxable salaries income of Mr. Raman Prakash for the year ending on 31st March, 2016 for the assessment year 2016-17
Explain the provisions of Income – tax Act in connection with taxability of gratuity AN Encashment of earned leave by an employee retiring form an organization.
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