9911796707
TMI BlogDeductions from salariesX X X X Extracts X X X X X X X X Extracts X X X X ..... ath-cum-retirement gratuity received as referred to in sub-section (2)(g). Entire amount. 4. Payment of retiring gratuity received under the Pension Code or Regulations applicable to the members of the defence services. Entire amount. 5. Gratuity received under the Payment of Gratuity Act, 1972 (39 of 1972). Amount received, as restricted to the amount calculated as per the provisions of section 4(2) and (3) of that Act. 6. Any other gratuity received by an employee- (i) on his retirement; or ii) on his becoming incapacitated before such retirement; or (iii) on termination of his employment. Amount being minimum of- (a) actual gratuity received; (b) amount specified by the Central Government, by notification, having rega ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 9. Payment in commutation of pension received from a fund as specified in Schedule VII (Table: Sl. No. 3). Entire amount. 10. Compensation received by a workman at the time of his retrenchment- (a) under the Industrial Disputes Act, 1947 (14 of 1947); or (b) under any other Act or rules, orders or notifications issued thereunder; or (c) under any standing orders; or (d) under any award, contract of service or otherwise. Minimum of- (a) compensation received; (b) amount calculated as per provisions of section 25F(b) of the Industrial Disputes Act, 1947 (14 of 1947); (c) such amount, not being less than ₹ 50,000 as notified by the Central Government. 11. Compensation received by a workman in accordance with any sch ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... plicable in this behalf to the employees of that Government; and (d) actual payment received. (2) For the purposes of the Table referred to in sub-section (1),- (a) in respect of the entries against serial number 6 thereof, if gratuity or gratuities was or were received from one or more than one employer in the same tax year (whether or not any gratuity or gratuities was or were received in any earlier tax year), the aggregate amount of deduction shall not exceed- A - B, where,- A = the limit specified by the Central Government, by notification; and B = the aggregate amount of gratuity or gratuities which was or were received in any one or more earlier tax years and allowed as an exemption or a deduction (whether whole or part) ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... assigned to them in the Industrial Disputes Act, 1947 (14 of 1947); (e) the provisions of the entries against serial number 12 thereof shall be subject to the following conditions:-- (i) the applicable schemes of the said companies or authorities or societies or Universities or the institutes referred to in clauses (h)(vii)(x) and (j) in column B of the said serial number, governing the payment of such amount are made as per such guidelines (including, inter alia, criteria of economic viability) as prescribed; (ii) where deduction has been allowed to an employee in respect of the said item for any tax year, no deduction thereunder shall be allowed to him in relation to any other tax year; and (iii) where any relief under section 157 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... te; or (iv) to the employees of a local authority; (h) the schemes of voluntary retirement or termination of service as referred to in sub-section (1)(Table: Sl. No. 12) shall be for the employees of-- (i) a public sector company (under a scheme of voluntary separation); or (ii) any other company; or (iii) an authority established under a Central Act or State Act or Provincial Act; or (iv) a local authority; or (v) a co-operative society; or (vi) a University established or incorporated by or under a Central Act or State Act or Provincial Act and an institution declared to be a University under section 3 of the University Grants Commission Act, 1956 (3 of 1956); or (vii) an Indian Institute of Technology within the meaning ..... X X X X Extracts X X X X X X X X Extracts X X X X
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