Retirement Benefits: When gratuity, commuted pension, provident fund and leave encashment be taxed?
Provisions of Section-10 of the Indian Income-tax Act relating to exemptions of retirement benefits received by Government employees, public sector employees and private sector employees at the time of retirement from service, under any voluntary retirement scheme and voluntary sepration scheme have been discussed. Thevideo in bi-lingual (Hindi & English) form to make understanding simple.
Most of the employees prior to retirement or after retirement intrested to know about the taxabilty of such benefits under the Income-tax Act.
The following complex provisions of the Income-tax Act have been discussed in very simple langauge:-
(1) Section 10(10) in respect of retirement gratuity payable to Government sector employees, gratuity payable to employees and workmen covered under the Payment of Gratuity Act, 1972 on retirement and such gratuity payable to other employees at the time of retirement.
(2) Section 10(10A) in respect of value of commutation of pension received at the time of retirement by the Government employees including employees of local authority and employees of corporation establishment by the Central or State Governments. Section also deals with commuted value of pension received by the employees of other employers.
(3) Section 10(10AA) in respect of leave encashment received by the Government employees and employees of othe employers at the time of retirement.
(4) Section 10(10C) in respect of any amount received by the employees of specified entities including Central and State Government under any scheme of voluntary retirement framed in accordance with relevant Income-tax Rule and any amount received by the employees of a public sector company under any scheme of voluntary sepration framed in accordance with the relevant Income-tax rule.
(5) Section 10(11) deals with the accumalated balance from the provident fund received under Provident Fund Act, 1925 or any other provident fund set up by the Central Government at the time of retirement .
(6) Section 10(13) deals with the payment of accumalated balance out of the recongnised provident fund at the time of retirement.
The object of video is to create awarness about the exemptions available under the Income-tax in respect of such receipts.
Пікірлер: 42
बेहद शानदार बहुत अच्छे और सरल तरीके से समझाने के लिए धन्यवाद
@TaxGyanbyOPYadav
3 жыл бұрын
धन्यवाद , मेरा प्रयास हर जागरूक व्यक्ति को आयकर के प्रावधानों को सरल भाषा मे अवगत कराना है ।
Very useful. Simple & lucid explanation. Its in Hindi language.
@TaxGyanbyOPYadav
3 жыл бұрын
Thanks for liking dear Parashivaiah ji.
Bahot hi aacha samjate hai Sir we are proud to him as his subordinate.
@TaxGyanbyOPYadav
3 жыл бұрын
आपके फीडबैक के लिये बहुत बहुत धन्यवाद ।
Very nicely explained sir.
@TaxGyanbyOPYadav
3 жыл бұрын
Keep watching
Thanks sir. It is very informative and very simple to understand for a layman. I Hope You will upload more video out of your deep knowledge and excellence. Thanks
@TaxGyanbyOPYadav
3 жыл бұрын
Sure I will
Thanks sir
@TaxGyanbyOPYadav
4 ай бұрын
My pleasure Mangal Singh Ji.117 videos on my channel, have a look, you may find them useful. Regards
Sir, An informative & educative topic, presented in an exemplary manner.
@TaxGyanbyOPYadav
3 жыл бұрын
thank you very much.
Great initiative Sir
@TaxGyanbyOPYadav
3 жыл бұрын
Thanks, awaiting feedback on my recent videos.
Excellent , very clear and useful presentation, regards,
@TaxGyanbyOPYadav
3 жыл бұрын
Many thanks!
Sir, very informative. Thank you sir.
@TaxGyanbyOPYadav
3 жыл бұрын
thank you. keep watching.
Excellent Sir 👍
@TaxGyanbyOPYadav
3 жыл бұрын
So nice of you
This is a great initiative on yout part Sir. Many people will be benifitted out of this platform.
@TaxGyanbyOPYadav
3 жыл бұрын
Thank you very much.
VERY-VERY GOOD 👌👌👌👌👌👌👌👌👌👌👌👌👌👌👌👌👌👌👌
@TaxGyanbyOPYadav
3 жыл бұрын
Thank you very much Meena ji.
Sir, very useful information. It will help the salaried employees and retired employees to calculate their tax structure.
@TaxGyanbyOPYadav
3 жыл бұрын
I really appreciate your keen intrest in the subject, dear Sunita. All the best
Ur great.... nice information... 👍
@TaxGyanbyOPYadav
3 жыл бұрын
Thank you so much 🙂
A welcome initiative Sir. This will benefit both the taxpayers and tax administrators equally. Regards.
@TaxGyanbyOPYadav
3 жыл бұрын
Thank you very much, awaiting your feedback on my latest videos.
Nice initiative Sir. I am sure that the general public/taxpayers will be greatly benefited with your in depth knowledge in the field 🙏🙏
@TaxGyanbyOPYadav
3 жыл бұрын
Thanks Dear Hargovind, awaiting your feedback on my recent videos.
After watching this video even a non professional can get a fair idea of what is agricultural land and which agricultural land is subjected to capital gain tax and also how to save tax.
@TaxGyanbyOPYadav
2 жыл бұрын
Dear Shambhu lal ji, thank you very much. It appears to be in respect of video on 'Computation of capital gain on sale of agricultural land'. Keep watching.
PLEASE HELP. My father is going to retire on 4 july 2022. If he get 30lakhs lets say as total money including all will it be counted as GROSS SALARY in IT Returns. How the retirement money will be shown in IT Returns or it will not be seen.
@TaxGyanbyOPYadav
2 жыл бұрын
Dear Sandeep, Please watch my video kzread.info/dash/bejne/d6OoqLCCncfAiJc.html . In case you need any further clarification, please share your contact number on my email id opy.y6068@gmail.com. It will be my pleasure to speak to you and clarify. Regards
Is applicable in New tax regime
@TaxGyanbyOPYadav
4 ай бұрын
Yes, however, exemption on leave encashment has been enhanced for private and public sector employees with effect from 01/04/2023. On that, a separate video is available on my channel. Regards
Sir, many employer show commutation, gratuity and leave encashment under salary head.Is it correct?
@TaxGyanbyOPYadav
Жыл бұрын
Dear Satish Kumar, please watch my video kzread.info/dash/bejne/d6OoqLCCncfAiJc.html