gratuity 10 lakh

Gratuity: Eligibility Criteria, Income Tax Exemption Limit & Calculation

Income Tax - ‘Gratuity’ in simple term is a reward given by the employer to his employee at the time of his retirement / resignation / termination / death. Present article contains the answer to the basic gratuity related questions like what is the eligibility criteria of gratuity, what is the gratuity calculation formula and what is the […...

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Tax Free Gratuity limit increased from Rs.10 Lac to Rs.20 Lac

Income Tax - Now the CBDT vide Notification No. 16/2019/F. No. 200/8/2018-ITA-I dated 8th March, 2019 has specified twenty lakh rupees as the limit for the purposes of Section 10(10)(iii) of the Income Tax Act, 1961 in relation to the employees who retire or become incapacitated prior to such retirement or die on or after the 29th day of March, 2018...

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What is Gratuity? Is Income Tax Exempted on Gratuity?

Income Tax - What is Gratuity? Gratuity is a lump sum that a company pays when an employee leaves an organization and is one of the many retirement benefits offered by a company to an employee. In India, gratuity rules and requirements are set out under the Payment of Gratuity Act, 1972. An employer may also choose to […]...

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ग्रेच्युटी की कितनी रकम टैक्स के दायरे में नहीं आती है?

Income Tax - मोहन एक अक्टूबर, 2018 को रिटायर हुए हैं. उनकी ग्रेच्युटी की रकम 20 लाख रुपये से ज्यादा है. लेकिन, संस्थान ने बताया है कि उन्हें केवल 10 लाख ...

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Taxation of Gratuity

Income Tax - People employed in organised sector and with governments receive gratuity at the time of their retirement/death. Gratuity also becomes payable on termination of services. The gratuity becomes payable only if one has service for continuous five years with the same employer. Though many of your might have received gratuity but most of you ...

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Enhancement of Gratuity Limit with effect from 29/03/2018

Income Tax - The Government has issued Notification the same day wherein gratuity limit has been increased from Rs.10 lakhs to Rs.20 lakhs under the Payment of Gratuity Act, 1972....

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Payment of Gratuity (Amendment) Act, 2018 brought in force on 29th March, 2018

Income Tax - Decision:The Payment of Gratuity (Amendment) Bill, 2018 has been passed by Lok Sabha on 15th March, 2018 and by the Rajya Sabha on 22nd March, 2018, has been brought in force on 29th March, 2018. Background: The Payment of Gratuity Act, 1972 applies to establishments employing 10 or more persons.  The main purpose for enacting […]...

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Payment of Gratuity (Amendment) Bill, 2018 passed by Parliament

Income Tax - The Payment of Gratuity (Amendment) Bill, 2018 has been passed by parliament today. The bill ensures harmony amongst employees in the private sector and Public Sector Undertakings/Autonomous Organizations under Government who are not covered under CCS (Pension) Rules. These employees will be entitled to receive higher amount of gratuity a...

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Payment of Gratuity (Amendment) Bill, 2017 introduced in Lok Sabha

Income Tax - Clause 3 of the Bill seeks to amend the provision relating to calculation of continuous service for the purpose of gratuity in case of a female employee who has been on maternity leave....

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Govt may increase Gratuity ceiling to Rs. 20 Lakh for Private Sector Employees

Income Tax - The present upper ceiling on gratuity amount under the Act is Rs. 10 Lakh. The provisions for Central Government employees under Central Civil Services (Pension) Rules, 1972 with regard to gratuity are also similar. Before implementation of 7th Central Pay Commission, the ceiling under CCS (Pension) Rules, 1972 was Rs. 10 Lakh. However, w...

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Teachers are Entitled to Gratuity: SC

Birla Institute of Technology Vs The State of Jharkhand & Ors. (Supreme Court of India) - In the light of the amendment made in the definition of the word 'employee' as defined in Section 2(e) of the Act by Amending Act No. 47 of 2009 with retrospective effect from 03.04.1997, the benefit of the Payment of Gratuity Act was also extended to the teachers from 03.04.1997....

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Gratuity exemption u/s Section 10(10)(iii) raised to ₹ 20 lakhs

Notification No. 16/2019 [S.O. 1213(E)] - (08/03/2019) - Govt increases Gratuity exemption limit u/s Section 10(10)(iii)  to ₹ 20 lakhs from existing Rs. 10 Lakh vide Notification No. 16/2019 dated 8th March, 2019....

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President assents Payment of Gratuity (Amendment) Act, 2018

NO. 12 OF 2018 - (29/03/2018) - (1) This Act may be called the Payment of Gratuity (Amendment) Act, 2018. (2) It shall come into force on such date as the Central Government may, by notification in the Official Gazette, appoint....

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Govt notifies maximum maternity leave of 26 weeks for Gratuity

Notification No. S.O. 1421 (E) - (29/03/2018) - Central Government hereby specifies for the purposes of the said clause that the total period of maternity leave in the case of a female employee shall not exceed twenty-six weeks....

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Payment of Gratuity (Amendment) Act, 2018 applicable from 29.03.2018

Notification No. S.O. 1419(E). - (29/03/2018) - Central Government hereby appoints the 29th day of March, 2018 as the date on which Payment of Gratuity (Amendment) Act, 2018 shall come into force....

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Govt. increases maximum gratuity limit to Rs. 20 Lakhs

Notification No. S.O. 1420 (E). - (29/03/2018) - Government vide notification S.O. 1420 (E) dated 29.03.2018 increased the limit of amount of gratuity payable to an employee under sub-section (3) of section 4 of the Payment of Gratuity Act, 1972 (39 of 1972) from from the existing limit of Rs. 10 Lakh to Rs. 20 Lakhs....

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Recent Posts in "gratuity 10 lakh"

Gratuity: Eligibility Criteria, Income Tax Exemption Limit & Calculation

‘Gratuity’ in simple term is a reward given by the employer to his employee at the time of his retirement / resignation / termination / death. Present article contains the answer to the basic gratuity related questions like what is the eligibility criteria of gratuity, what is the gratuity calculation formula and what is the […...

Read More

Tax Free Gratuity limit increased from Rs.10 Lac to Rs.20 Lac

Now the CBDT vide Notification No. 16/2019/F. No. 200/8/2018-ITA-I dated 8th March, 2019 has specified twenty lakh rupees as the limit for the purposes of Section 10(10)(iii) of the Income Tax Act, 1961 in relation to the employees who retire or become incapacitated prior to such retirement or die on or after the 29th day of March, 2018...

Read More
Posted Under: Income Tax |

What is Gratuity? Is Income Tax Exempted on Gratuity?

What is Gratuity? Gratuity is a lump sum that a company pays when an employee leaves an organization and is one of the many retirement benefits offered by a company to an employee. In India, gratuity rules and requirements are set out under the Payment of Gratuity Act, 1972. An employer may also choose to […]...

Read More
Posted Under: Income Tax |

ग्रेच्युटी की कितनी रकम टैक्स के दायरे में नहीं आती है?

मोहन एक अक्टूबर, 2018 को रिटायर हुए हैं. उनकी ग्रेच्युटी की रकम 20 लाख रुपये से ज्यादा है. लेकिन, संस्थान ने बताया है कि उन्हें केवल 10 लाख ...

Read More
Posted Under: Income Tax |

Gratuity exemption u/s Section 10(10)(iii) raised to ₹ 20 lakhs

Notification No. 16/2019 [S.O. 1213(E)] (08/03/2019)

Govt increases Gratuity exemption limit u/s Section 10(10)(iii)  to ₹ 20 lakhs from existing Rs. 10 Lakh vide Notification No. 16/2019 dated 8th March, 2019....

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Teachers are Entitled to Gratuity: SC

Birla Institute of Technology Vs The State of Jharkhand & Ors. (Supreme Court of India)

In the light of the amendment made in the definition of the word 'employee' as defined in Section 2(e) of the Act by Amending Act No. 47 of 2009 with retrospective effect from 03.04.1997, the benefit of the Payment of Gratuity Act was also extended to the teachers from 03.04.1997....

Read More

Taxation of Gratuity

People employed in organised sector and with governments receive gratuity at the time of their retirement/death. Gratuity also becomes payable on termination of services. The gratuity becomes payable only if one has service for continuous five years with the same employer. Though many of your might have received gratuity but most of you ...

Read More

Gratuity – Exemption and Tax liability

Gratuity is a monetary benefit given by employer to his employee after rendering a service of minimum of 5 years or more in his establishment. Gratuity act applies where 10 or more persons are employed or were employed on any day of the preceding 12 months....

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Posted Under: Income Tax |

Salary Income – Answer to Common issues

section 17​​ of the Income-tax Act defines the term salary. However, not going into the technical definition, generally whatever is received by an employee from an employer in cash, kind or as a facility [perquisite] is considered as salary....

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Posted Under: Income Tax | ,

Know About Payment of Gratuity Act 1972

Gratuity is lump sum payment made by an employer to an employee in consideration of his past service when the employment is terminated. It is paid for long and meritorious services rendered by an employee. With enactment of Payment of Gratuity Act, 1972, gratuity payment has become mandatory and in case of non application of gratuity Act...

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Posted Under: Income Tax |

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