IT Exemption for Gratuity upto 20 Lakh – Gazette Notification
Gazzette Notification: Exemption u/s 10 of Income Tax – Rs. 20 Lakh for Gratuity w.e.f. 29.03.2018
MINISTRY OF FINANCE
(Department of Revenue
(CENTRAL BOARD OF DIRECT TAXES)
New Delhi, the 8th March, 2019
S.O. 1213(E).—In exercise of the powers conferred by sub-clause (iii) of clause (10) of section 10 of the Income-tax Act, 1961 (43 of 1961), and in supersession of Ministry of Finance, Department of Revenue, notification number S.O. 141(E), dated the 11th June, 2010, except as respects things done or omitted to be done before such supersession, the Central Government, having regard to the maximum amount of any gratuity payable to employees, hereby specifies twenty lakh rupees as the limit for the purposes of the said sub-clause in relation to the employees who retire or become incapacitated prior to such retirement or die on or after the 29th day of March, 2018 or whose employment is terminated on or after the said date.
[Notification No. 16 /2019/F. No. 200/8/2018-ITA-I]
RAJARAJESWARI R., Under Secy.
Since 30 & 31 March Saturday & Sunday (Holidays) this order is valid from 1-4-2019 i.e. Financial Year 2019-2020 begins.