I retired from a Bank in April 2017 and got gratuity of Rs 15.60 lacs. With the amendment in gratuity act on 29/03/2018, Shall I get the benefit of Income tax on the excess amount of gratuity received ie over and above Rs 10 lacs as my retirement falls in the cuurent financial year and assessment year is 2018-19
The trade unions had demanded that the new gratuity ceiling for tax benefits be applicable retrospectively from January 1, 2016. But the government not likely to enforce a retrospective amendment to the tax laws.
The provision of tax exemption on gratuity falls under section 10 of the Income Tax Act and was last amended in 2010. For a change in gratuity provisions, both the Payment of Gratuity act and the Income Tax Act would have to be amended.
So, wait for notification.....
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