Check Basic+ DA from last drawn salary. Round of the period of service to a year. e.g. if you have worked for 10 years 8 months round of to 11years.
[Basic+DA/26]x15xNo. of years in service
The gratuity received under the Act is tax-free to the extent that it does not exceed 15 days’ salary for every completed year of service. From 24th day of May,2010 as per gazette notification this limit is Rs.10/ lacs.
Obtain and check gratuity rules of your bank from your branch, some colleague, union, or RO, HO etc. Some banks may have their Gratuity Fund managed by their own trusts. Bank of Baroda Gratuity Rules is enclosed:
12.Eligibility and Payment of Gratuity: 1)
A) In the case of executive/ officers:
Irrespective of the length of service, gratuity shall be payable at the rate of one month
Salary for each completed year of service subject to the maximum of 15 months salary.
34.Miscellaneous:Without prejudice to the powers in that behalf conferred by Rules 5
(a) all of the decisions of the Trustees involving an interpretation of the provisions of
the Income-Tax Act. 1961 and the Rules made there under shall be communicated to the Commissioner of Income Tax concerned.
In the event of there being any repugnance between any of these Rules and the
provisions of the Income-Tax Act. 1961 and the Income-Tax Rules, 1962 the
repugnant Rule will be void and the Trustees shall if so required by the Commissioner of Income Tax delete the repugnant Rule.
You may try by writing under acknowledgment to Chairman of the bank, with a copy to GM-HR.
In case of variance you can approach o/o Controlling Authority of Gratuity which can be ALC at your location. You can visit O/o Labor Commissioner at your location and seek help from ALC.
You may go thru:
Payment of Gratuity Act, 1972
Determination of the amount of gratuity.
Valuable advice of learned experts/members is sought.