Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. : mr. ravi retired on 15.6.2020 after completion o

: Mr. Ravi retired on 15.6.2020 after completion of 26 years 8 months of service...

60.1K

Verified Solution

Question

Accounting

image

: Mr. Ravi retired on 15.6.2020 after completion of 26 years 8 months of service and received gratuity of 15,00,000. At the time of retirement, his salary was: Basic Salary *50,000 p.m. Dearness Allowance : 10,000 p.m. (60% of which is for retirement benefits) Commission : 1% of turnover (turnover in the last 12 months was 1,20,00,000) Bonus : 25,000 p.a. Compute his taxable gratuity assuming: (a) He is private sector employee and covered by the Payment of Gratuity Act, 1972. (b) He is private sector employee and not covered by Payment of Gratuity Act, 1972. (c) He is a Government employee

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Q

Carlsbad Corporation's sales are expected to increase from $5 million in 2018 to $6 million in...

Finance
Q

How do these common analytical techniques work, and what do they tell you? A) mp determination B) bp determination C)...

Chemistry
Q

A concrete mix design is needed for a residential street paving project in Detroit, Michigan. Pavement...

Civil Engineering
Q

Identify and describe the cerebral hemispheres and the five lobes of each (i.e., frontal, parietal, temporal,...

Medical Sciences
Q

Using the variable cost method, what markup percentage to variable cost should be...

Accounting
Q

Inventory information for Sun Corp. is provided in real time by a firm's accounting information...

Accounting
Q

The I hompson Corporation, a manulacturer of steel products, began operations on October 1, 2022....

Accounting
Q

Use (a) the percentage method and (b) the wage-bracket method to compute the federal income...

Accounting
Q

The court in CBS Corp. v. FCC (2008) found that this Reid factor was compelling...

Accounting
Q

Prepare Fancy Company's Year 3 statement of cash flows using the indirect method. ...

Accounting
Q

Carlsbad Corporation's sales are expected to increase from $5 million in 2019 to $6 million...

Finance
Q

Manufacturing cost data for Orlando Company, which uses a job order cost system, are presented...

Accounting