Section(s) Referred: 10 ,10(10) ,10(10)(iii)
Statute: INCOME TAX
Date of Issue: 28/4/1988
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), the Central Government, having regard to the maximum amount of any gratuity payable to its employees, hereby specifies one lakh rupees as the limit for all the three purposes mentioned in that sub-clause in relation to the employees, referred to therein, who retire or become incapacitated prior to such retirement or die on or after the 1st day of April, 1988, or whose employment is terminated on or after the said date.
(Sd.) Arbind Modi, Under Secretary to the Government of India.
[No. 7912/F. No. 142/7/88–TPL]