Income Tax on Gratuity
This query is : Resolved
18 November 2010
Dear Sir,
I had retired from bank's service in February 2010. I was paid gratuity of Rs 3.50 Lacs under the Gratuity Act exitent at that time. After the wage revision now, I have to receive an amount of Rs 2.00 Lacs more. Please advise if the tax will be accrued with a consideration of the old Gratuity Act of Rs 3.50 Lacs or the Amended Gratuity Act of Rs 10 Lacs.
Please advise.
I had retired from bank's service in February 2010. I was paid gratuity of Rs 3.50 Lacs under the Gratuity Act exitent at that time. After the wage revision now, I have to receive an amount of Rs 2.00 Lacs more. Please advise if the tax will be accrued with a consideration of the old Gratuity Act of Rs 3.50 Lacs or the Amended Gratuity Act of Rs 10 Lacs.
Please advise.
19 November 2010
I think, as you have retired before 24.05.2010 you will not be entitled to get the benefit of increased limit of tax free gratuity of 10 lacs.
I think, as you have retired before 24.05.2010 you will not be entitled to get the benefit of increased limit of tax free gratuity of 10 lacs.
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