The Institute of Chartered Accountants of India ( ICAI ) issued Frequently Asked Questions ( FAQs ) on the accounting treatment of increase in liability due to the enhancement of the gratuity ceiling.
This FAQ on accounting treatment of increase in liability on account of enhancement of the gratuity ceiling from Rs. 10 lakhs to Rs. 20 Lakhs due to Payment of Gratuity (Amendment) Act 2018 (vide notification no. S.O. 1420 (E) dated March 29, 2018) has been issued by the Accounting Standards Board (ASB) of the Institute of Chartered Accountants of India (ICAI).
The FAQ seeks to clarify the accounting treatment of increase in liability due to the enhancement of the gratuity ceiling.
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