What is Gratuity in India?is an important component of income but is ignored by most people, especially in the private sector. The reason is people don’t stick with one company for the long term – another reason is the uncertainty of job. Even “Yours Truly” changed 4 companies before ...
However, some employees are exempted from this rule, and will still be eligible for gratuity in the event of their death or disability during their service even if they haven’t completed 5 years of service. Evaluating continuous service Since gratuity is time-based, it is important to ...
But this doesn’t mean that the employer is restricted to not to pay gratuity. Calculation of Gratuity As per the Gratuity Act, there is no specific rule or fixed percentage approach to calculate gratuity. An employer can use a formula-based calculation to calculate gratuity or in some ...
TheLTV full formisLoan To Value. TheLTV ratioalways refers to the percentage of a property's worth that a lender may finance with a loan. Financial institutions (banks, housing finance firms, non-banking finance companies) use this ratio to measure their risk in granting you a home loan. ...
company’s salary structure. It is afixedpart of one’s compensation structure. Many allowances and deductions are described in terms of percentage of the Basic Salary. For example, Your PF is deducted at 12% of your Basic Salary. HRA is also defined as a percentage of this Basic Salary....
Types of Customs Duties in India Under the Second Schedule, the Customes Duty is not levied on all the products imported/exported. For instance – tax is not levied on life-saving drugs or equipment, food grains or fertilizers. Depending on the purpose and value of the goods Customs Duty ...
Moreover, CTC in salary is not the employee’s net income; instead, it considers other additional services provided to an employee as livelihood necessities and security. These additional benefits could be allowances, statutory additions, performance bonuses, gratuity, reimbursements, etc. Keeping the...