Gratuity Exemption Limit enhanced Rs. 20 lacs by notification dt. 29.03.2018 under the payment of gratuity act. Is the gratuity paid before 29.03.2018 during the FY 2017-18 is eligible for exemption under Income Tax Act upto Rs. 20 lacs or not ?
Gratuity Exemption Limit enhanced Rs. 20 lacs by notification dt. 29.03.2018 under the payment of gratuity act. Is the gratuity paid before 29.03.2018 during the FY 2017-18 is eligible for exemption under Income Tax Act upto Rs. 20 lacs or not ?
The Ministry of Labour and Employment has clarified that the enhanced limit of gratuity for the private sector workers will be effective from March 29, 2018 only, in a notification issued on its website. The government in March had notified doubling of the limit of tax-free gratuity to Rs. 20 lakh in the private sector. The Payment of (Gratuity) Amendment Bill, 2018 was passed by the Lok sabha and Rajya Sabha and received assent from the President on March 28, 2018.
https://www.ndtv.com/business/enhanced-gratuity-limit-to-be-applicable-from-march-29-1861787
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