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1440

Friends,

Maximum amount of gratuity under Payment of Gratuity Act was increased from Rs.3.50 lacs to Rs.10 lacs vide Payment of Gratuity (Amendment) Act 2010 w.e.f. 24.5.2010. As per Section 10(10(ii) of Income Tax Act 1961 gratuity calculated as per Payment of Gratuity Act is exempt from income tax. Supreme Court vide its order dated 13.8.2021 has held that any higher gratuity received prior to 24.5.2010 will be liable to tax and it cannot have retrospective effect.

Thanks

From India, Malappuram

Attached Files (Download Requires Membership)
File Type: pdf SC gratuity exempt 10L only from 24052010.pdf (85.3 KB, 24 views)


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