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Gratuity is a benefit given by the employer to employees. A recently approved amendment by the Centre has increased the maximum limit of gratuity. Now it is tax-exempt up to Rs.20 lakh from the previous ceiling of Rs.10 lakh, which comes under Section 10 (10) of the Income Tax Act.
Mar 8, 2019 · Govt increases Gratuity exemption limit u/s Section 10(10)(iii) to ₹ 20 lakhs from existing Rs. 10 Lakh vide Notification No. 16/2019 dated 8th March, 2019. This move will benefit those employees of PSUs and other employees not covered by Payment of Gratuity Act, 1972.
Jul 13, 2018 · Every person working in a factory, mine, oil field, port, railways, plantation, Shops & Establishments, or educational institution having 10 or more employees on any day in the preceding 12 months is entitled to Gratuity.
May 20, 2024 · If any employee receives gratuity during his service, then it is fully taxable as income in his hands under the Income Tax Act, 1961 (‘the Act’). However, if gratuity is received in case of death, retirement, or resignation and certain other cases, then tax exemption is provided under section 10 (10) of the Act.
Sep 4, 2023 · Gratuity Exemption. Exemption u/s 10(10) is available for this benefit received at the time of retirement/separation and for that employees have been classified into 2 categories: Govt Employees; Non- Govt Employees (including PSU employees) The whole amount received by Govt employees is fully exempt u/s 10(10)(i).
Mar 14, 2019 · Gratuity exemption limit is provided under section 10 (10) of the Income Tax Act, 1961. Below table provides the details of different exemption limit for gratuity which is being received by different categories of employees –
Section 10 (10) of the Income Tax Act provides certain exemptions for Death-cum-Retirement Gratuity. According to this section, the gratuity received by a government employee is fully exempt from tax. For non-government employees, the exemption is limited to the least of the following: Actual gratuity received.
