Section 10(10)(iii) of the Income-tax Act, 1961 – Gratuity – Gratuity exemption limit raised to Rs.10 lakhs
Notification No. 43/2010 [F.No.200/33/2009-ITA.I], dated 11-6-2010
In exercise of the powers conferred by sub-clause (iii) of clause (10) of section 10 of the Income-tax Act, 1961 (43 of 1961), and in supersession of Ministry of Finance, Department of Revenue, notification no. S.O. 287 dated the 20th January, 1999 the Central Government, having regard to the maximum amount of any gratuity payable to its employees, hereby specifies ten lakh rupees as the limit for the purpose of the said sub-clause in relation to the employees who retire or become incapacitated prior to such retirement or die on or after the 24th day of May, 2010 or whose employment is terminated on or after the said date.