Gratuity on resignation

Tax queries 80 views 1 replies
Client has put in 16 of service in a bank and resigned. She has joined another bank. She has received gratuity to the extent of 785000 from previous bank. MY contention is that the gratuity received is exempt under section 10(10). Am I right?
Replies (1)

Section 10(10) of the Income tax act 1961, provides that any gratuity received by an employee under the payment of gratuity act, 1972, or any received by an employee from his employer on his retirement or resignation is exempt from income tax , subject to certain limits. 


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