Has Incometax also amended their rules to exempt " the Gratuity payment Rs.10.00 lakhs as per recent amendment" ?If so, pl.give Notification No. and date.
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Incometax exemption on Gratuity payment amended to Rs.10.00
Replies (4)
I read the same news in the news paper but i did not find any notification related to it.
Dear Mr. Swamy,
Enclosed herewith word doc for details.
Regards
Hitesh
I don't think there is a need to specifically amend the IT Act/Rules, because sec 10(10) does not mention the limit of Rs.350000. It only gives the limit as mentioned in the sec 4 of Gratuity Act. Therefore once the Gratuity Act is amended, the exemption limit is automatically revised.
agreed with siddarth sec 10(10)(ii) says as specified in section 4 of Grauity Act
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