Hi, please help me understand the tax impact, if any, on my gratuity. I received gratuity from my previous company in the year 2005. The amount was approximately 17k or 18k (nothing was provided on paper; it was directly credited to my account by the company). Now, after working another 5 years with my current organization, I am eligible for gratuity. The company is requesting a declaration regarding whether I have claimed any tax exemption with any previous organization. What should I declare?
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Gratuity is tax-exempt up to Rs. 10,00,000/- from 2010-11 as per the Income Tax Act, 1961 U/s 10. Earlier, it was Rs. 3,50,000/-, so you need not worry about tax.
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Friend, these kinds of questions have been raised many times in this forum. My request is just to use the search button; I am sure you will get a bunch of information about the same.
I wish you all the best.
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From India, Hyderabad
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86Search for Similar Questions
Friend, these kinds of questions have been raised many times in this forum. My request is just to use the search button; I am sure you will get a bunch of information about the same.
I wish you all the best.
Regards
From India, Hyderabad
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Gratuity - Taxation Issues.docx