Addition of claim towards staff gratuity - The assessee has no ...

Income Tax

September 27, 2018

Addition of claim towards staff gratuity - The assessee has no control over the funds contributed to LIC towards the gratuity. The assessee is receiving the gratuity payment directly from the LIC of India as per the scheme which is paid to the employee on happening of the event i. e. retirement or death or resignation. - Deduction allowed.

View Source

← Previous Next →

Addition of claim towards staff gratuity - The assessee has no ...

Income Tax

September 27, 2018

You may also like:

Addition of payment to an unapproved gratuity fund - It is not in dispute that the assessee has actually paid the money. In other words, the money has actually gone out...

Disallowance of claims of superannuation fund u/s. 40A(9) and gratuity fund u/s. 40A(7) - the company had applied for the approval of Superannuation Fund as well as...

Payment of Gratuity to the employees - The question of distribution of the Gratuity Fund in order of priority, provided u/s 53(1) of the Code does not arise. - The...

The assessee being entitled to exemption under sections 11 and 12 of the Act, no disallowance on account of contribution to unapproved pension and gratuity funds can be made - AT

Unrecognised gratuity fund - the amount paid towards an unapproved gratuity fund can be deducted under sec. 37 of the I.T. Act, though not under sec. 36(1)(v). - AT

Disallowance payment made to gratuity fund u/s.36(1)(v) - gratuity fund was unapproved by the Learned Pr. CIT after 9 years - by any stretch of reasoning, the time taken...

Addition towards interest on advances to partners - interest free advances given to partners - Disallowance of interest for diversion of funds - Additions confirmed.

Nature of receipt - additions towards receipt of Corpus Fund - additions on account of Corpus contribution received by the appellant being a Trust - held as capital...

Applicability of 40A(7) - Given the fact that Section 40A(7)(b) of the Act contemplates deduction in respect of the provision made, not only for the purpose of...

Allowability of contribution to Group Gratuity Policy of LIC of India - the trust has not been approved by the Department - the assessee is entitled for deduction for...

Quick Updates: