Please tell me that "IF THERE IS ANY PROPOSAL FOR THE AMENDMENT IN GRATUITY ACT IN THIS BUDGET SESSION, 2011 THAT IMPLICATION OF GRATUITY LIMIT FROM 3.5 LAKHS TO 10 LAKHS WILL BE FROM 1/01/2006 INSTEAD OF 23/05/2010" ???
Thanks in advance.
CAMohinderPartapSinghAhluwalia (Chartered Accountant) (169 Points)
02 March 2011Please tell me that "IF THERE IS ANY PROPOSAL FOR THE AMENDMENT IN GRATUITY ACT IN THIS BUDGET SESSION, 2011 THAT IMPLICATION OF GRATUITY LIMIT FROM 3.5 LAKHS TO 10 LAKHS WILL BE FROM 1/01/2006 INSTEAD OF 23/05/2010" ???
Thanks in advance.
U S Sharma
(glidor@gmail.com)
(21056 Points)
Replied 12 May 2011
This is set Back for PSU employee who was retired between 01.06.2006 to 23.05.2010 and getting Enhanced Limit of Gratuity 10 lakh as per Recommendation of Sixth pay commission .As they are getting 10 Lakh rs from 01.01.2006 or 01.01.2007 as the case may be but now new exemption limit is available for PSU employess who has retired after 24.05.2010.So person retired between 01.01.2006 to 23.05.2010 have to pay tax on gratuity received more than 3.5 Lach Rupees. Section 10(10)(iii) of the Income-tax Act, 1961 - Gratuity - Gratuity exemption limit raised to Rs.10 lakhs
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