04 March 2010
As per the current amendments, gratuity ceiling has been increased to 10 lakh. For calculation puposes in Income tax and in Law paper are we supposed to take the prev ceiling of 350000 or 10 lakh??
06 March 2010
The Cabinet on Thursday(04/03/2010) approved an amendment to the Gratuity Act to raise the ceiling from Rs 3.5 lakh to Rs 10 lakh. The Bill to amend the Act will now go to Parliament. In view of the above,till it has become an act,questions may be answered with ceiling limit of Rs.3.50 lakhs only.
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