SIr,
I would Like to know the tax liability on retirement in the following situations
A) covered under Payment of gratuity act
B) not covered under above
if Basic is Rs.28484, D.A. is Rs.12248.
Years of Service 30 years 264 days.
Gratuity . Rs.745709
EL Encashment Rs. 115407(85 days)
HPL Encashmnet Rs.162928 (240 Days)
CPF 486908.45
Pls Advice me?
Understanding Tax Liability on Retirement: Gratuity, Leave Encashment Scenarios, and Implications of Payment of Gratuity Act Coverage. A user inquired about the tax liability upon retirement, specifically regarding gratuity and half pay leave, with two scenarios: being covered or not covered under the Payment of Gratuity Act. The individual provided details such as a basic salary of Rs. 28,484, D.A. of Rs. 12,248, 30 years and 264 days of service, gratuity of Rs. 745,709, EL encashment of Rs. 115,407 for 85 days, HPL encashment of Rs. 162,928 for 240 days, and CPF of Rs. 486,908.45. A respondent asked if the issue was clarified, inviting further queries if needed. (AI Summary)
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