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The gratuity that is paid to government employees is tax-free. Gratuity Income Tax: The taxation of gratuity differs for government and non-government or private employees. Meaning of Wages under Gratuity Act, The term wages memes on monuments which are earned by an employee while on duty only in accordance with the terms all conditions of his employment and which are paid payable to him in cash. For Example: For example, if you have at a company for 10 years and 8 months and your salary is Rs.50,000, the calculation of the gratuity amount is done as follows: Gratuity Amount: (15 * 50,000 * 11) / 30 = Rs.2.75 lakh. Gratuity is a monetary benefit given by the employer to his employee at the time of retirement. It is possible the name you are searching has less than five occurrences per year. In case gratuity is received by the nominee/legal heirs of the employee, the same is taxable in their hands under the head ‘Income from other sources’. Prior to 1972, there was no law where it was mandatory for the employer to pay employees gratuity … The gratuity so received by the employee is taxable under the head ‘Income from salary’. Gratuity - English - Sinhala Online Dictionary. www.lankadictionary.com is a free service Sinhala Meaning of Gratuity from English.Special Thanks to all Sinhala Dictionarys including Malalasekara, Kapruka, MaduraOnline, Trilingualdictionary. In layman terms, gratuity is the chunk of salary that … Weird things about the name Gratuity: The name spelled backwards is Ytiutarg. English-Sinhala-English Multilingual Dictionary. Tamil Meaning of Gratuity. Tamil meaning of Gratuity … Gratuity is a lump sum amount that employers pay their employees as a sign of gratitude for the services provided. Thanks for using this online dictionary, we have been helping millions of people improve their use of the TAMIL language with its free online services. It is a defined benefit plan where no contributions are made by the employee. Search GRATUITY definition & word meaning in English. The gratuity will be paid by the insurer based upon the terms of the group gratuity scheme. GRATUITY meaning in english. How unique is the name Gratuity? Out of 6,028,151 records in the U.S. Social Security Administration public data, the first name Gratuity was not present. Translate From English into Sinhala. Gratuity Amount = (15 * Last drawn salary amount * period of service) / 30. Tamil Meaning of Gratuity - Tamil to English Dictionary with Tamil Meanings, Tamil Vocabulary - Searchable Tamil Dictionary Taking the aforementioned example, the gratuity in this case would be (15 X 50,000 X 20)/30 = Rs 5,00,000. Fun Facts about the name Gratuity. GRATUITY meaning in tamil, GRATUITY pictures, GRATUITY pronunciation, GRATUITY translation,GRATUITY definition are included in the result of GRATUITY meaning in tamil at kitkatwords.com, a free online English tamil Picture dictionary. The gratuity rules are mandated under the Payment of Gratuity Act, 1972.The act was passed by the Parliament on 21st August 1972 and came into force on 16th September the same year. Differs for government and non-government or private employees for government and non-government or private employees paid to government is! - Searchable Tamil Dictionary Tamil Meaning of gratuity from English.Special Thanks to all Sinhala Dictionarys including Malalasekara Kapruka. Be ( 15 X 50,000 X 20 ) /30 = Rs 5,00,000 gratuity in this case would be 15. Backwards is Ytiutarg, MaduraOnline, Trilingualdictionary where no contributions are made by the employer to his employee the... 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