WebDefinition. Other income is income arising from activities unrelated to a company’s core business that consist of either (1) selling activities such as interest on loans (2) contractual earnings such as legal damages, or (3) accounting adjustments such as gains on foreign exchange conversion. A key takeaway is that other income is NOT revenue! WebGratuity amount for Sumit = 20*25, 000*15 / 26 = Rs. 2, 88,461.54. Even though an employer may pay more gratuity to their employees, the gratuity amount cannot exceed Rs. 20 …

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WebEarnings (net income) for the period, (which may be presented as a separate statement or within a continuous statement of comprehensive income [see paragraph 220-10-45-1A]) … WebApr 13, 2024 · In her 60th year, X will receive Rs 1.13 crores in accumulated income. The Rs. 1.13 crores will represent 60% of the retirement corpus, which is tax-exempt. Approximately 40% of the accumulated sum will be paid as a monthly pension to X for their chosen period. flat iron grill recipe

What is Other Comprehensive Income (OCI) under Ind AS …

WebFeb 8, 2024 · Gratuity Rules. 1. Forfeiture of Gratuity- An employer has the right to forfeit the gratuity payment, either partially or completely even if the employee has completed 5 years of service.But this situation can only work if the employee has been terminated because of misconduct. 2. Timeline for Payment of Gratuity- The 3 important points regarding … WebApr 10, 2024 · Components of Other Comprehensive Income. Other comprehensive income is shown as a line item on the balance sheet. Some common examples of the items … WebAug 16, 2024 · Where AO disallowed deduction under section 36(1)(v) to assessee company on account of payment of premium made directly to LIC towards employees gratuity fund … flat iron guns smith station al