11 June 2010

CBDT Approval on Gratuity Enhancement

Press Information Bureau
Government of India

Friday, June 11, 2010
Ministry of Finance

EXEMPTION FROM TAX FOR GRATUITY PAYMENTS ENHANCED FROM RS. 3.5 LAKH TO RS. 10 LAKH

18:28 IST
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.

DSM/BY/GN-194/10

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