How to calculate the payment of Gratuity?
(This post offers calculation of Gratuity in two different methods and also discusses tax liability on Gratuity received) The tax-exempt gratuity limit had already been raised to Rs. 20 lakh for government employees effective from 1 January 2016. Payment of Gratuity (Amendment) Act, 2018 is notified in the Government Gazette on 29th March 2018. The…
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Mandatory certification for the staff manning key responsibilities in Banks
The Apex bank after examining the recommendations of the Shri G Gopalakrishna (former Executive Director of RBI) committee on ‘Committee on Capacity Building in Banks All India financial Institutions’ in detail, decided that recommendations pertaining to the banks may be implemented by the banks based on their organisational objectives and business strategies, after taking approval…
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Bankers Dearness Allowance calculation explained
[This article discusses the meaning of consumer price index; the formula used for linking the conversion Factor Base 2001=100 to Base 1960=100 and method of arriving eligible rate of DA]. Dearness Allowance (DA) is a cost of living allowance paid to Government employees Public sector employees (PSU) and their pensioners to mitigate the impact of inflation…
Read articleIncome Tax slabs and key tax legislation for the FY 2015-16 (AY 2016-17)
Tax slabs for Individuals of below 60 years (Born on or after 01.04.1956). A). Up to Rs.2, 50,000: – Nil B). From Rs.2, 50,001 to Rs.5, 00,000:– 10% on taxable income which exceeds Rs. 2, 50,000/-. C). From Rs.5, 00,001 to Rs.10, 00,000:- 20% [Rs.25, 000/-+ 20% on amount which exceeds Rs. 2, 50,000/-] D).…
Income Tax slabs,rates and key tax exemption details for A/Y 2015-16
Income Tax Slabs, rates, key tax exemption details for Assessment Year 2015-16 (Financial year 2014-15) For Senior CitizenResident Individuals earning Income less than Rs. 5 Lakh in a Year are eligible for income Tax Credit u/s 87A – i.e.10% of taxable income up to a maximum of Rs. 2000/-.] Education Cess : 3% of the…
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