Mr.ravi retired on 15.6.2019 after completion of 26 years 8months of service and received gratuity of RS 600000 at the time of retirement his salary was basic salary RS 5000 Dearness allowance RS 3000 (60percent of which is for retirement benefits) commission 1 percent of turnover (turnover in the last 12 months was RS 1200000) bonus RS 12000 compute his taxable gratuity assuming a. he is a non government employees and covered by the payment of gratuity act 1972
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what is your question please tell me
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a. government employee - Fully Exempt
b. Private Employee but covered under POGA - 475385
c. Private Employee but not covered under POGA - 498600
Explanation:
a- IT IS FULLY EXEMPT IN CASE OF GOVERNMENT EMPLOYEE
B- 15/26 * SALARY P.M. * NO. OF YEARS OF COMPLETION OF SERVICE
= 15/26 * (5000+3000) * 27(ROUNDED OFF)
=475385
C= 1/2 * AVG SALARY P.M. * NO OF YEARS OF COMPLETION OF SERVICE
=1/2 * (5000 + [3000*60%] + [1200000/12* 1%]) * 26(NOT ROUNDED OFF)
=498600
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