Srinath Sai Ram
Under the Provident Fund scheme, it is notified that - Any payment made to an employee from a provident fund to which Provident Fund Act, 1925 applies or from any other provident fund set up by the central government and notified by it in this behalf, is exempt from tax.
Gratuity - Taxability of gratuity depends on the recipient.
*For a government employees there is no tax on the gratuity.
*For private sector employees, if they are covered under the Payment of Gratuity Act, 1972, then the gratuity is exempt from tax subject to a maximum of Rs 10 lakh or 15 days salary for each completed year of service (or part thereof).
8th June 2017 From India, Bengaluru
8th June 2017 From India, New Delhi