Income tax


Respected Sir/Madam,

I have the following querries :

1. Is GPF And Death Gratuity Taxable and how much?

2. Sine we are filing Income Tax for the first time, please Advice.

Thank you.

 

 
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ADVOCATE

YOUR QUERY:  Is GPF And Death Gratuity Taxable and how much?

REPLY:1. The GPF (General Provident Fund)  amount received is fully exempt - Section 10 (11) of the Income tax Act 1961.

2) The Gratuity received is -

- fully exempt in the ases of Central/State Govt Employees;

- partly exempt, to the extent o, the amount calculated under S.4(2) & 4 (3) of the Payment of Gratuity Act 1972, if received under that Act;

- in othercases - exempt to the extent of one half month's salary for every completed year of service, limited to Rs 10 lakhs, as provided in Section 10(10)(iii)of the Income tax Act 1961.


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Thank You Sir,

Is it necessary to show some documentation for this?

Thank you.

 
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ADVOCATE

Your Query: Is it necessary to show some documentation for this?

Reply: For the nature of the income you will have to keep documentation. The intimation letter/s recd.from the concerned authorities, will do.


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