Let us understand this calculation better with the help of examples: a. Employees of organisations covered under the Payment of Gratuity Act For example, Ms. Nisha has been working with XYZ Pvt. Ltd. for the last seven years and three months. Her latest salary per month is Rs. 1,00,000...
For calculating the gratuity amount, the number of months of the last employment year will be rounded to the nearest figure. For example, if you have worked in the organization for 6 years and 7 months, you will receive gratuity for 7 years. If it has been 6 years and 5 months, you ...
Completed Years of Service# (# Ser. > 6 months reckoned as completed year ) Your Gratuity * Average "payable" during last 12 months The higher of the two in (a) i.e. Gratuity as per Act or (b) i.e. Gratuity as per OSR / BPS will be paid. ...
The number of years of service rounded off:If an employee has served more than 5 years and in last year of employment he served more than 6 months then for gratuity calculation it is considered as a full year of service.For instance, if his tenure is 20 years and 7 months, the years ...
5) Is the probation period considered in tenure for the calculation of gratuity amount? Yes, a probation period can be considered in determining number of years of service. 6) If an employee is transferred overseas on an assignment, will the tenure abroad be considered for gratuity? The employ...
But how to check the calculation i am not sure, since, whatever i am maintaining in IT15, its taking the whole amount as exemption. Another issue is what do we have to do at schema level i,e, INN1 for INGTX function, gratuity taxation. There is a standard wage-type MGIN, Gry ...
as per the gratuity act-1972, there is no registration for gratuity. but it is applicable after 5 year. calculation formula- current basic/26*15*years of service thanks & regards vikas sharma 11th March 2011From India, Delhi rajiv23