Cash payment limit for bonus, gratuity,...etc
This query is : Resolved
12 October 2015
outstanding liabilities of the company for any of the employee for bonus, gratuity, leave encashment , staff welfare etc. paid in cash when the employee give his voluntary resignation. so....I want to ask that what is the limit for cash payment like above mentioned (gratuity, bonus.....&all) under income tax act ?
12 October 2015
In my opinion is Rs.200000/- for all such payments. However it is 50000/- for termination benefits for Gratuity and so on. Read Rule 6DD for more understanding.
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