Gratuity

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Querist : Anonymous

Querist : Anonymous (Querist)

16 May 2018 What is the amount of Gratuity exempted from Income Tax received in May 2017 i.e. during the Financial Year 2017-18 in case of an employee of Public Sector Bank.

CA PARAS BAFNA

CA PARAS BAFNA (Expert)
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17 May 2018 The maximum amount exempt is Rs 20.00 Lac. However, for computation of exact amount exempt you have to see the following criteria-

The least of the following is exempt from tax:

1. Last Salary Drawn (basic + DA) x No of years of employment x 15/26;
2. 20,00,000 (which has been hiked from Rs. 10 Lakh as per the amendment);
3. Gratuity Amount Actually Received

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