https://www.taxtmi.com/circulars?id=10338 Section 40A(7) bars deduction for mere provisions for gratuity while preserving deductions for contributions to approved gratuity funds and actual gratuity payments. For assessment years 1973 74 to 1975 76 a saving allows deduction up to the admissible amount where the provision is based on an actual valuation, an irrevocable trust gratuity fund is created and approval sought, and at least half the admissible amount is paid into the fund within the prescribed time; remaining rules govern prior payments, disallowance if conditions unmet, reassessment/rectification, instalment payments with interest, and waiver of penalties/interest for reliance on prior Board guidance. en-us Thu, 10 Jul 1975 00:00:00 +0530 Mon, 13 Jun 2011 16:07:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/circulars?id=10338 Section 40A(7) bars deduction for mere provisions for gratuity while preserving deductions for contributions to approved gratuity funds and actual gratuity payments. For assessment years 1973 74 to 1975 76 a saving allows deduction up to the admissible amount where the provision is based on an actual valuation, an irrevocable trust gratuity fund is created and approval sought, and at least half the admissible amount is paid into the fund within the prescribed time; remaining rules govern prior payments, disallowance if conditions unmet, reassessment/rectification, instalment payments with interest, and waiver of penalties/interest for reliance on prior Board guidance. Circulars Income Tax Thu, 10 Jul 1975 00:00:00 +0530 https://www.taxtmi.com/circulars?id=10338