The Applicability and Calculation of Gratuity
Gratuity is a lump sum that a company pays when an employee leaves an organization; one of the many retirement benefits offered by a company to an employee.
Basic requirements for gratuity are set out under the Payment of Gratuity Act, 1971. An employer may also choose to pay gratuity outside of that which is required by this Act.
In this article, we discuss gratuity in terms of:
• Tax exemption
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