Income Tax exemption limit for gratuity enhanced to Rs.10 lakh - Central Board of Direct Taxes approved - ALLCGNEWS

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12 June 2010

Home INCOME TAX Income Tax exemption limit for gratuity enhanced to Rs.10 lakh - Central Board of Direct Taxes approved

Income Tax exemption limit for gratuity enhanced to Rs.10 lakh - Central Board of Direct Taxes approved

The government enhanced the income tax exemption limit for gratuity from
Rs.3.5 lakh to Rs.10 lakh w.e.f. May 24, 2010.

The Central Board of Direct Taxes has approved notification of ten lakh
rupees as the maximum amount of gratuity entitled to exemption under
sub-clause (iii) of clause (10) of section 10 of the Income Tax Act 1961.

The notification will be applicable to employees who retire, or become
incapacitated before retirement, or expire, or whose services are
terminated, on or after the 24th May 2010.
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