tax thinkstockthinkstock

Tax Free Limit For Qraturity Hiked To Rs. 2 Million

Aug 5, 2017 | Blog, Direct Taxation

Formal sector workers may soon be eligible for up to Rs 2 million tax-free gratuity as central trade unions have agreed on the proposal in a tripartite consultation with the Labour Ministry.
The central trade unions have agreed on doubling gratuity amount ceiling as an interim measure in a tripartite meeting on the proposed amendment to Payment of Gratuity Act conducted by the Labour Ministry. gst consultants in Delhi

“While accepting the maximum payment limit of Rs 2 million as an interim measure, the unions demanded that the ceilings/ limit with respect to number of employees and years of service should be removed,” the All India Trade Union Congress (AITUC) said in a statement. The statement said the application of amended provision regarding maximum amount should be made effective from January 1, 2016 as done in the case of central government employees. gst consulting services 

Get more information visit at: http://bit.ly/2efTXm0

    CAPTCHA ImageChange Image

    Recent Blogs

    Refund on Export of goods with payment of tax i.e., IGST

    Once you file Form GSTR-1 and provide Export details (Table 6A) along with Shipping bill details having Integrated Tax and Cess levied and also file Form GSTR-3B of the relevant tax period for which refund has to be paid, you are eligible to receive refund on account...

    GST Refunds on Export

    GST (Goods and Services Tax) is an indirect tax introduced in India on 01.07.2017, designed to streamline the indirect taxation system in India. As a comprehensive tax, GST replaced many indirect taxes like VAT, excise duty and service tax in India. It is applied at...

    Decrypting Cryptocurrency in India

    Cryptocurrency is one of the most highlighted ingenuity of the decade. Various countries deal with cryptocurrencies differently, e.g. in the USA, Bitcoin is treated as an asset. At the same time, Singapore recognizes Bitcoin as a valid currency, and Japan treats it as...

    Goods and Services Tax

    The Indian Government collects taxes that can be classified into Direct and Indirect Taxes. Direct Taxes refer to taxes imposed directly on the income, earnings, or profits of an individual or entity. These taxes are regulated and administered by the Central Board of...

    Taxation of Expatriate Employees in India

    Understanding the taxation of expatriate employees in India is crucial for both individuals and businesses. Navigating the complex tax laws can be daunting, but it’s essential for compliance and financial planning. Now in this blog, we will discuss the taxation rules...

    Why a Tax Advisor is Essential for Your Business

    Running a successful business involves a multitude of responsibilities, from managing finances and scaling operations to ensuring compliance with ever-evolving tax laws. While tax season can be a daunting time for business owners, partnering with a tax advisor can...

    MAKE AN IMPRESSION WITH US