Request Letter Format For Gratuity Rules

Jun 11, 2010 - Calculation of the amount of gratuity payable. For example, if you have put in 10 years of service before you resign from the company, you are. Jun 25, 2008 - For employees who do not fall under the Gratuity Act, the amount. For instance, in the above example, if the employer pays you Rs. At the time of joining the organisation, ask your employer for all the. Write a message. Avid pro tools drivers.

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Gratuity final • 1. Gratuity Created By Laxmi Yadav Sneha Chavan • Definition Gratuity is reward money for continuous service fora specified number of years of service. Gratuity ispaid to an employee, in addition to his salary, bonus,commission, etc., when he leaves the service of hisemployer.Gratuity is a lump sum payment made,based on the total service of an employee either onretirement or death. It is calculated as so manymonths pay with reference to his service.

• EligibilityIt is governed under the Payment of Gratuity Act 1972.As per Sec 10 (10) of Income Tax Act, gratuity is paid whenan employee completes 5 or more years of full time servicewith the employer. ORGratuity is payable to an employee (nominee in case of death)who has rendered continuous service of 5 years or more atthe time of his termination of employment, superannuation,retirement or resignation.Completion of continuous service of 5 years is not necessarywhere the termination of employment is due to death ordisablement due to accident or disease.

• ApplicabilityEvery factory, mine, oil plantation, port and railway companyEvery shop or establishment – if it employs 10 or morepersons in the preceding 1 year.To any other establishment – employing 10 or more persons.The Act does not apply to:Apprentices & persons who hold civil post under the central govt. Orstate govt. 4 • How does it work?An employer may offer gratuity out of his ownfunds or may approach a life insurer in order topurchase a group gratuity plan.In case the employer chooses a life insurer, he hasto pay annual contributions as decided by theinsurer.The employee is also free to make contributions tohis gratuity fund. The gratuity will be paid by theinsurer based upon the terms of the group gratuityscheme. • ForfeitureGratuity may be forfeited wholly or partially in case anemployee has been terminated for:Any act, willful omission or negligence causing any damageor loss to, or destruction of, property belonging to theemployer;OrAct of riotous or disorderly conduct or any other act ofviolence on part of employee;OrAny act which constitutes an of­fence involving moralturpitude, in the course of his employment. • Tax obligations for GratuityThe gratuity received by the employee is taxableunder the head ‘Income from salary’.In case gratuity is received by the nominee/legal heir of the employee, the same is taxable intheir hands under the head ‘Income from othersources’.