Gratuity
This query is : Resolved
05 August 2010
I want to know the exemption limit of Retirement Gratuity U/s10. Whether the limit has enhanced from 3.5 lacs to 10 lacs? Which will be appicable for the assessment year 2010-11 ? If it raise the limit now whether we can claim the enhanced exemption in the assessment year 2010-11? Or will be applicable for the financial year 2010-11? If a person got the gratuity of 4.5 lacs in the financial year 2009-10 can we claim the enhanced exemption ?
05 August 2010
Gratuity limit as per payment of Gratuity Act,1972 is increased to Rs.10 lakhs vide The payment of Gratuity (Amendment )Act,2010 dated 18/05/2010. This has made effective from 24/5/2010 vide notification SO. 1217(E). Consequential amendment in the Income tax Act,1961, more particularly in section 10(10)(iii),has been made vide notification 43/2010 dated 11/6/2010. As a result of these amendments, as per my understanding, the enhanced limit is applicable to those employees retired on or after 24/5/2010.
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