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Gratuity is a defined benefit plan and is one of your retirement benefits offered by your employer. You can generally find Gratuity eligibility details in your CTC (Cost to Company) or Company’s offer letter.

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(Meaning of Defined Benefit Scheme is – A plan/scheme in which a certain amount or percentage of money is set aside each year by a company for the benefit of the employee. Gratuity is a defined benefit plan. ) Earlier, it was not compulsory for an employer to reward his employee at the time of his retirement or resignation. But in 1972 the Government passed the Payment of Gratuity Act and made it mandatory for all the employers with more than 10 employees to pay gratuity. In this post, let us understand about – what is gratuity? How to calculate the gratuity benefit due amount? What is the formula to calculate?

Is gratuity amount taxable? What is the applicable tax exemption limit on gratuity benefits? How to calculate the gratuity amount online? What are the income tax implications?

13 FAQs (Frequently Asked Questions) on Gratuity Benefit Amount FAQ 1 – Am I eligible to receive Employees Gratuity Benefit Amount? After completing five years of continuous service with the same company, you are eligible to receive the gratuity benefit. Gratuity shall be payable to ‘you’ (employee) on the termination of your employment after rendering continuous service for not less than five years. FAQ 2 – When is Gratuity Amount paid? It is payable. • On Superannuation (or) Retirement.

• On your Resignation (or) Termination. • On death or Disablement due to accident or disease. • On Retrenchment (or) Layoff.

• VRS (Voluntary Retirement Scheme). (You can check your ‘Full & Final Settlement’ papers to know if you have received the gratuity amount or not.) FAQ 3 – Is five years continuous service rule applicable to all the above events? The condition of five years of continuous service is not applicable if employee’s service is terminated due to death or disablement. Your nominee or legal heir can receive your gratuity amount (in the event of death of the employee). FAQ 4 – Are Temporary staff or Contract workers eligible to receive Gratuity amount? Temporary staff, contract workers etc., are all eligible (except ‘ apprentice’) for the gratuity amount, as long as they are considered as employees of the organization.

FAQ 5 – Is 4 years 10 months (any period above 4.5 years of service) considered as 5 years? This is one the most frequently asked question and there are various conflicting views available on this one. In one of the court cases, Madras High Court has held that an employee who has completed 4 years and 240 working days in 5 th year will be entitled for gratuity i.e. 4 years 10 months and 11 days. This judgment may or may not be applicable to you (it depends on the place of your establishment). It is better to contact your HR (Human Resource) personnel to get more clarity regarding this point.

FAQ 6 – How is Gratuity Benefit Amount Calculated? (For the employees who are covered under Gratuity Act) How to calculate my gratuity amount, is also one the Frequently asked questions.

It is calculated based on simple formula as below; (This formula is applicable to all the employees who are covered under the Payment of Gratuity Act, 1972.) Gratuity = Last drawn salary * 15/26 * No. Of completed years of service. In the above gratuity calculation formula, the definition of ‘last drawn salary’ means, it comprises your Basic Salary + DA (Dearness Allowance if any).

How to treat number of months for the purpose of gratuity calculation after completion of 5 years? Any service which is in excess of 6 months is considered as one year. (Six months and above means even 1 day extra after six months, you are eligible for 1 year gratuity. This is applicable only if you have completed 5 years of service) (Also note that service period calculation is not dependent on ‘5 days or 6 days’ in a week work rule.) For example– If you have put in 11 years and seven months in an organization, your service period will be taken to be 12 years. But if your service tenure is 11 years and five months, then for the purpose of this calculation your tenure will be taken to be 11 years only. FAQ 7 – How is Gratuity Benefit Amount Calculated?

(For the employees who are not covered under Gratuity Act) For non-government employees (private company employees), who are not covered under the Gratuity Act, the formula for the calculation of gratuity amount is as below; Gratuity = Average salary * ½ * No. Of years of service In the above gratuity calculation formula, the definition of ‘Average salary’ means, it comprises, your Basic Salary + DA (Dearness Allowance) + commission (as a percentage of turnover achieved by you, if any). To compute ‘Average Salary,’ you have to consider the average of last 10 months salary (Basic + DA + Commission) preceding the month of your retirement/resignation. Kindly note that in this case, your service period will not be rounded off to the nearest full year. For instance, if you have a total service of 21 years and 10 months, only 21 years will be considered in the calculation. FAQ 8 – What is the maximum amount that I can receive as Gratuity Benefit?

Yes, there is a ceiling of Rs 10 Lakh as the maximum gratuity amount that you can receive. As per the above calculations, if you are eligible to get more than Rs 10 Lakh as gratuity, your company is bound to pay only Rs 10 Lakh. ( In case your company wants to pay more than 10 L then they can pay it as performance bonus or ex Gratia 🙂 ) The ceiling of Rs. 10 lakh applies to the aggregate of gratuity received from one or more employers in the same or different years.

Latest update: The 7th CPC (Central Pay Commission) increased Gratuity Ceiling limit from Rs 10 Lakh to Rs 20 Lakh w.e.f 01-Jan-2016. Latest News (): The Central Govt has agreed to raise the ceiling limit of Gratuity amount for Private Sector (organized) employees also, from Rs 10 Lakh to Rs 20 Lakh.

The Union Labor Ministry is expected to bring a formal amendment to the Payment of Gratuity Act to implement the change. FAQ 9 – How to calculate my Gratuity Benefit amount online? If you are not comfortable in calculating your gratuity due amount using the above formulas, there are lot of online gratuity calculators that are available. You may consider using the below ones; • • FAQ 10 – Is Nomination facility available? Yes, you can give your nomination by filling Form “F” at the time of joining your company (during new joinee formalities). Employee can nominate one or more members of his/her family to receive the gratuity amount in the event of the death of the employee. FAQ 11 – My company is not paying gratuity due to financial Loss, can it refuse to pay?

Even if your company is not doing financially well, your company is bound to pay gratuity amount. They cannot cite their ‘financial losses’ as the reason for the refusal. But, an employer can refuse to pay the gratuity amount, if the services of an employee have been terminated for his/her riotous or disorderly conduct or any other act of violence on his part, during his/her employment.

Employers can also deduct the cost of damages (if any) from the gratuity amount. FAQ 12 – Is my Gratuity Amount Taxable in India? Does Employees Gratuity Benefit has any tax exemption? Gratuity is considered as your retirement benefit and is tax exempted subject to certain conditions of Income Tax Act. For the intent of taxation on gratuity, employees are divided into two categories: • Government Employees & • Private Sector Employees Any gratuity amount received by an employee (Govt or Private employee) during his service is taxable. But when gratuity is received by the employee at the time of his retirement, death or superannuation then tax exemption rules for government employees differs from private employees. In case of Government Employees the entire gratuity amount that he/she receives on retirement or on death is exempted from paying any Income tax.

In case of Private employees, they are divided as: • Private employees covered under the payment of Gratuity Act of 1972. • Private employees not covered under the payment of Gratuity Act of 1972. In case, when private employees covered under the payment of Gratuity Act of 1972, any gratuity received is tax exempted to the extent of least of the following: • Statutory limit of Rs 10 lakh. (Maximum limit / Govt notified amount) • Last drawn salary * 15/26 * No. Of completed years of service.

(Refer FAQ 6 ) • Actual Gratuity received by you. If the gratuity exceeds the limit mentioned above, then it becomes taxable. Example: Let us understand the above tax exemption rule with an example. Mr Sundaram receives Rs 9 Lakh as gratuity benefit from his employer. As per the Gratuity Act calculation, he is eligible to receive, let’s say Rs 5.5 Lakh.

The maximum notified limit is Rs 10 Lakh. Out of these, Rs 5.5 Lakh is the least one. So, the tax exemption is limited to the extent of Rs 5.5 Lakh only. Mr Sundaram has to pay income tax on Rs 3.5 Lakh (Actual gratuity received – Tax exempted gratuity amount.) For private employees not covered under the payment of Gratuity Act of 1972, any gratuity received is tax exempted to the extent least of the following: • Statutory limit of Rs.10 lakhs. • Gratuity = Average salary x ½ x No. Of years of service. (Refer FAQ 7) • Actual gratuity received by you.

( Where the gratuity was received in any one or more earlier previous years also and any exemption was allowed for the same, then the exemption to be allowed during the year gets reduced to the extent of exemption already allowed, the overall limit being Rs. 10 Lakh.) FAQ 13 – Gratuity received by Employee/nominee/legal heir: Taxable under what ‘head’ of income tax? Gratuity received by you on your retirement (or) during your service period is taxable under the head “ Salary.” It should be shown under the head of “Salaries” while computing your ITR.

This is applicable for both Government as well as Private employees. Whereas, gratuity received by the legal heir (or) nominee is not taxable if the gratuity becomes due/sanctioned after the death of the employee. If the gratuity amount becomes due and paid before the death of the employee then it is taxable under the head ‘Income from Other Sources.’ The nominee / legal heir has to show it in ITR (Income Tax Returns). Sreekanth Reddy Sreekanth is the Man behind ReLakhs.com. He is an Independent Certified Financial Planner (CFP), engaged in blogging & property consultancy for the last 7 years through his firm ReLakhs Financial Services. He is not associated with any Financial product / service provider.

The main aim of his blog is to “help investors take informed financial decisions.” “Please note that the views given in this Blog/Comments Section/Forum are clarifications meant for reference and guidance of the readers to explore further on the topics/queries raised and take informed decisions. These should not be construed as investment advice or legal opinion.”. I have query regarding income tax norms on gratuity, In the case, when we receive gratuity on below 5 years of service in pvt company. (4 years & 240 days norms) I worked for a IT company around 4.10 years,then I switch to other company.

Now, as part of FFS with previous company, I got my gratuity amount as per gratuity norms.(4 years & 240 days.) Here, Company deducted income tax on credited gratuity amount and they told me that” I have served below five year,hence Gratuity amount is taxable”. Is gratuity amount taxable in above case? It not then please let me know “what shall i do “? Regards Thanks.

In your google account you have mentioned that Private-sector employees will soon be able to withdraw up to Rs 20 lakh in tax-free gratuity.In this connection whether amount uo to Rs. 20 lakhs received by Reserve Bank Of India employees as retirement gratuity is fully exempt up to Rs. There is no mention of this increased amount up to Rs.20 lakhs in section 10(10) of the Income Tax Act, 1961.Whether Government has issued any notification like earlier notification No.43/2010 (F.No.2-IT(A-I)/S.O. 1414(E) dt 11.6.2010. Hi Sreekanth, I have completed 6 years in a private firm and received a gratuity amount after my resignation. But they have not deducted any Tax for that amount. Now I am working with another company and I have to declare my earnings and Tax deducted from previous employer.

Please let me know whether I need to pay tax for the gratuity I received from previous employer. Or should I consider only the total salary I received as my total earning from previous employer and pay tax accordingly? How to know a Private employees is covered under the payment of Gratuity Act of 1972?

Regards, Matt. Dear Matt, Kindly check with your Employer if the organization is covered under Gratuity Act or not.

In case, when private employees covered under the payment of Gratuity Act of 1972, any gratuity received is tax exempted to the extent of least of the following: Statutory limit of Rs 10 lakh. (Maximum limit / Govt notified amount) Last drawn salary * 15/26 * No. Of completed years of service.(Refer FAQ 6 ) Actual Gratuity received by you. If the gratuity exceeds the limit mentioned above, then it becomes taxable.

You can inform about the gratuity payment to your new employer. In case, they do not consider it in their TDS projections, you have to include it when filing your ITR and calculate taxes accordingly. Dear Srikant, I would like to know about withdrawal of Gratuity wherein an employee resigned from DVC ( Joint venture of GoI, Govt. Of Jharkhand and WB,Established under Act of 1948) and joining to PSU after serving 14 yrs. Interview was attended after obtaining the NOC.

In the relieving order it is mentioned that the EL, PF,Gratuity will be transferred to new organisation. 7-PDF Maker Portable. In the resignation letter it was requested to transfer leave, CPF, gratuity.

However I wanted to withdraw gratuity now. Is it possible to withdraw the gratuity amount now?

Regards, J KUMAR. Hi Sir, I’m employed by a private firm and have resigned to move to a different company. My last day in the current company is Nov 4th. However, after resigning, during the last hike cycle, I’ve received a hike. This hike is affective from Nov 1st onwards but effectively I will not be withdrawing the hiked salary for one complete month [Only for the 4 days, I’ll be getting the new salary effective Nov 1st].

In this case, will my gratuity be calculated based on the previous salary or the latest after hike salary? I’m a little confused on this. Please let me know. Thanks Sumanth Srinath. Sir, My DOB 17/1/1955 retired on 30/4/2015, after 30years as per company policy, private sector, which covered under gratuity rules /act 1972. My gratuity is paid on 4 may 2015. As per formula, no dispute.

= Gross Rs 16lacs,less 10lacs u/s 10(10) no tax, balance 6lacs taxed applying srcitizen slab rate. =X, which is reflecting in 26AS tds =y YET TO FILE MY RETURNS FOR AY2016-17, FY2015-16. ON evaluation, i end up in tax liability to pay of Z- y, = 48lacs can this is liability be avoided by shelter of new Cabinet approval and Gazatte Notification also have come inn the last week of July 2016 for 20lacs amended increasing the ceiling to 20 lakhs., and thereby file and claim refund, or pay in full and claim refund or show 20lacs as tax free. It may be noted after this my income is below 3lacs, Sir, would appreciate your suggestion, and reply urgent. In 6th pay commission, there was undue delay in accepting the recommendations and also in passing the amendment to Gratuity act ( delayed by 2 years each.

Total 4 years). People who retired during this said 4 years, pleaded for effective date with retrospective effect i.e from 1.1.2006.

However the then Labour Minister Mr,Mallikharjun Kharge while passing the amendment to gratuity Act on 24.5.2010, turned down the request of millions of retirees and made the effective date as 24.5.2010 only and not 1.1.2006. All those who retired during that 4 year period even the Central Government employees could not get the arrears of gratuity increase from 3.5 lakhs to 10 lakhs. Now the Government itself announced the effective date for increased gratuity as 1.1.2016. This they announced during November 2015 itself. But even after 10 months they have not passed the amendment to Gratuity Act. Without passing the amendment to Gratuity Act, in my opinion, they are not supposed to pay the arrears even to Central Government employees. Now Parliament is not in session.

Millions of employees of PSUs or even private sector employees are in utter confusion. For 6th pay commission cabinet approval and Gazette notification came in 2008. Gratuity Act was amended in 2010 and the effective date for increased Gratuity was w.e.f 24.5.2010 (the date on which amendment to gratuity was made in Parliament). Now Government increased the gratuity ceiling to 10 lakhs. Not only that, the government announced the effective date as 1.1.2016. Cabinet approval and Gazatte Notification also have come inn the last week of July 2016. To my knowledge Gratuity Act is not yet amended increasing the ceiling to 20 lakhs.

In such a scenario, can the Public Sector Banks (in which gratuity is payable as per Gratuity Act) implement the effective date as 1.1.2016? Earlier when gratuity increased to 10 lakhs, the government made 24.5.2010 as effective date and millions have lost the benefit.

Why government is playing this trick. Why cant they pass the amendment during monsoon session itself. Who has to be blamed for these delays?

Sir, good evening I got retirement on from a psu and my gratuity was given during april and may 2016 however tax was deducted and deposited with govt under current year tax liability (2015-16). Please clerify the following points: 1. When the tax on gratuity is due as I got retired on 31st March-the last day of the financial year. I was given the gratuity amount during april, may 2016, can my employer deduct the tax for the current year. My employer has deposited the tax with the Govt., can I claim the refund if the tax was not due this year.

Thanks with regards. Sir, thanks a lot however still there are issues to resolve. I conclude the following points on the basis of your answer: 1. My gratuity is due not on 31 st march 2016 but after 31st march as that was my last working day. Tax on gratuity is payable during 2016-17 and not 2015-16. My employer has also taken into account the amount of gratuity in form 16.

In such situation how can I file my return with the different amount of salary. Some part of tax on gratuity is paid by employer also and hence how can I reach the exact amount of refund. Will it be illegal if total refund amount is paid to me.

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The Cowboys are 3. The Redskins were denied their ordinal losing since 2012. One of the time period receiver following 11-football play animate being at Northeastern express since 2008 tooshie sole besieging coaches to part him, but I same him — simply two fetid pass. I am filing itr. I have gratuity and leave encashment mentioned in form 16. I am sure till the part that it would be non taxable income, this is also mentioned in the form 16.

My query is about reporting it, should I report it in ITR1 itself or in ITR2? I think it can be reported in ITR1 itself, however when I goI am sure till the part that it would be non taxable income, this is also mentioned in the form 16. My query is about reporting it, should I report it in ITR1 itself or in ITR2?

I read the above thread provided by Amit Gupta, on the basis of that I think it can be reported in ITR1 itself, however when I go through blogs and some websites, mostly ITR2 is mentioned for such cases. Could anyone throw light on this? Through blogs and some websites, mostly ITR2 is mentioned for such cases. Could you throw light on this? Thanking you in advance. Dear Sreekanth ji Thanks for your kind reply. Yes, they paid me gratuity for 2.5 yrs of tenure according to calculations which I cross checked online.

As per my information, employer is bound to pay gratuity after completion of 5 yrs but he may/may not pay it before 5 yrs. In our case, they paid the amount which is around 46k. But my query is that, whether this gratuity amount is exempted from income tax or I have to pay tax for it? If taxable, how much amount is taxable and how to check this calculation? Reply Rgds Rakesh. Hi, As per income tax rule In case, when private employees covered under the payment of Gratuity Act of 1972, any gratuity received is tax exempted to the extent of least of the following: Statutory limit of Rs 10 lakh. (Maximum limit / Govt notified amount) Last drawn salary * 15/26 * No.

Of completed years of service. Actual Gratuity received by you. If the gratuity exceeds the limit mentioned above, then it becomes taxable. In my case it is 78000 as per rule 2 and 92000 as per rule 3.Thus the difference which is 14000 is taxable. But how much I have to pay TAX? Is this 10% always or as per tax bracket in which I am coming? While filing ITR where I need to show/fill this 14000 earning?

Is it ”Income from other sources ”? Hi Sreekanth, Please advise. I have completed 6 years of service in a government institution.

After 3 years of continuous service, I was given permission to pursue higher degree taking extraordinary leave with out pay for 2 years. For getting permission to study, I had to sign a bond agreement for 5 lakhs binding. To serve the institution for a period of 3 years post- study. But now due to unavoidable circumstances, I resigned from my job paying 5 lakhs to the institution. Am I eligible for gratuity? Dear Dipak.I am unable to understand your query.

They have not shown the salary – May I know what does this mean? Also, one can not claim entire amount (salary) as gratuity. “For non-government employees (private company employees), who are not covered under the Gratuity Act, the formula for the calculation of gratuity amount is as below; Gratuity = Average salary * ½ * No.

Of years of service In the above gratuity calculation formula, the definition of ‘Average salary’ means, it comprises, your Basic Salary + DA (Dearness Allowance) + commission (as a percentage of turnover achieved by you, if any). To compute ‘Average Salary,’ you have to consider the average of last 10 months salary (Basic + DA + Commission) preceding the month of your retirement/resignation. Kindly note that in this case, your service period will not be rounded off to the nearest full year. For instance, if you have a total service of 21 years and 10 months, only 21 years will be considered in the calculation.”.

Dear Sreekanth, One of my family friend retired from a PSU Bank which is covered under Payment of Gratuity Act. The date of retirement was 10th November 2012 where as there was a salary revision with effect from 1st November 2012. Per my understanding, the last drawn salary should be his salary on the date of his retirement. The law only states that it is last drawn salary and not last drawn monthly salary. In this case, please confirm the meaning of “Last Drawn Salary”. Is it the salary for the previous month(October 2012) or the salary as on the date of retirement(November 10, 2012) which will be considered for gratuity calculations. Regards, Ram.

Hi, I joined company ABC and was there for 2.5 yrs, I joined next company PQR after 2 mnths of gap. I was there for 3 years. Then I joined company XYZ for 3 months. (Till now my service is 5 years 9months).

Unfortunately I had to resign XYZ company since I was pregnant and there was nobody to take care of my baby at home. I again joined same XYZ company after 1 year 3 months.

Now my questions are, 1. Am I eligible for Gratuity payment? To whom should I contact or send application?

Till now I have not received any gratuity amount from any of my previous employer. Is the gap of 2 months in employer 1 and 2 be considered as GAP for Gratuity? And marked as non eligible for Gratuity? Is the maternity gap of 1 year and 3 months considered as GAP for Gratuity? And marked as non eligible for Gratuity?

Please advise. One of my colleague who was on contract employment in a Kerala Government Undertaking attained the age of 58 years in November 2013. As there was no superannuation age for a person in the case of contract employment, He continued in the company till 31 st March 2016 without any break.He has a total continues service period of 22 years and 8 months in the same company till 31 st March 2016.The company says that he has eligibility for gratuity only up to the period of his attaining the age of 58, the prescribed age limit for the retirement of regular employees as per company norms. However he claims that as he left the organisation after continues service of 22 years and 8 months, he is eligible for the gratuity of 23 years based on the last drawn salary as on. Which contention is correct? Last year I joined a company. In the offer letter there they said if I achieve my target 200000 USD, they will merge variable pay 25000 into my CTC.

Now I had achieved this. They had given new offer letter adding 10k to basic pay and hra 5k and spl allowance 5k and so a new component gratuity of 1923 monthly deducted.

Now, First can a variable pay which is purely dependent on my performance can be deducted as gratuity and employee PF? If im a resigning by end of second year, whether I will get the deducted gratuity? If not am I loosing the money? And so actually they did not raise my CTC? Its a pvt ltd company. Hi, I have completed 11 years 7 months at my present company (pvt limited).

I am little confused about the Basic Salary calculation thing!! My basic salary structure is 1. SPECIAL ALLOWANCE 4. MEDICAL REIMBURSEMENT – these are by default salary for a month without any other allowance like shift allowance and performance incentive. Or is it calculated only the 1. BASIC component for gratuity Ex: 1. Basic: 10Rs, HRA 5 Rs, SA 5Rs, MR 5rs = 25RS is my basic salary, is this the amount calculated for gratuity, please let me know.

There is a lot of confusion in gratuity claims w.r.t the period of service especially when it is around the boundary. For e.g for a service period of 6 yrs 6 months and 16 days. There is no provision in the gratuity form for recording the no of days in addition to years and months.

So Should the months be indicated in decimals considering the days also? B.There is no guideline for round-off of months, what if te period of service is 6 yrs 6 months and 16 days, should the period of service be taken as 6 Years and 6 Months or taken as 6 Years and 7 Months? Shall be happy if you can please clarify. Dear Ragenikanth, You may consider using the below format or templete. (Applicator form for Gratuity claim by Nominee). To [Give here name or description of the establishment with full address] Sir/Gentlemen, I hereby apply for payment of gratuity to which I am entitled under sub-section (1) of section 4 of the Payment of Gratuity Act, 1972 as a nominee of late [name of the employee] who was an employee of your establishment and died on the.

The gratuity is payable on account of the death of the aforesaid employee while in service/superannuation of the aforesaid employee on retirement of/resignation of the aforesaid employee on after completion of years of service/total disablement of the aforesaid employee due to accident or disease while in service with effect from the Necessary particulars relating to my claim given in the statement below: 1.Name of applicant nominee. 2.Address of full in applicant nominee.

3.Marital status of the applicant nominee (unmarried/married/widow/widower) 4. Spyro The Dragon Ps2 Iso Roms here. Name in full of the employee. 5.Marital status of employee. 6.Relationship of the nominee with employee. 7.Total period of service of the employee. 8.Date of appointment of the employee.

9.Date and cause of termination of service of the employee. 10.Department/Branch/Section where the employee last worked. 11.Post last held by the employee with Ticket or Serial No., if any. 12.Total wages last drawn by the employee. 13.Date of death and evidence/witness as proof of death of the employee. 14.Reference No.

Of recorded nomination, if available. 15.Total gratuity payable to the employee. 16.Share of gratuity claimed.

1.I declare that the particulars mentioned in the above statement are true and correct to the best of my knowledge and belief. 2.Payment may please be made in cash/crossed or open bank cheque 3.As the amount payable is less than Rupees one thousand, I shall request you to arrange for payment of the sum due to me by Postal Money Order at the address mentioned above after deducting Postal Money Order commission therefrom. Yours faithfully, Place Signature/Thumb impression of Date the applicant nominee.

(Kindly note that I have got the above information from delhi.gov.in portal). Readdy, Thanks four your quick response.

Understood that the Gratuity Amount to be shown in Column 26 (Exempt Income only for Reporting Purpose (If agricultural income is more than Rs. 5000/-, use ITR-2 or 2A) of “Taxes Paid and Verification” Sheet.

A small clarification is required from you that as I already have filed Form 10E and the tax relief u/s 89 is computed to Rs. 2,781 only as per form 10E.

What is applicability of form 10 E? Should I revise and re-submit form 10E with NIL Value. The gratuity amount was received for the service of 10 years rendered to the company. Dear Sir, I left my previous company after 7 years of service. Company paid me ~2L as lumpsum amount and enrolled me into a LIC Annuity scheme for Quarterly annuity payments.

Also in the form 16 it showed the 2L as exempted under Sec 10. I have the following questions 1.

My guess is the 2L payment was 1/3rd of the total gratuity amount and the balance 2/3rd has been enrolled under a LIC Annuity scheme with Quarterly payments, please confirm if this understanding is correct? Is the Quarterly payments taxable? Under which head should it be shown in ITR2?