Nitinkumar B Mansata
8 years 6 months ago
During the same period, ceiling of Gratuity as per “The Payment of Gratuity Act, 1972” has been raised from Rs 3.5 lakhs wef 24.09.1997 to Rs 10 lakhs wef 24.05.2010. As per news report, Union Cabinet has cleared proposal to raise ceiling to Rs 20lakhs . As per Sec. 10(10) of Income Tax Act, Gratuity received as per “The Payment of Gratuity Act, 1972” is tax free.
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