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Gratuity - Sec. 10(10)

Income Tax - Salary Income - 03 - GRATUITY [Sec. 10(10)] If Gratuity is received by any employee while in employment then it is fully taxable in the hands of employee. While if gratuity is received in case of death or retirement or resignation, then exemption is available up to the following limits: In case of Government employee {Section 10(10)(i))}- Any gratuity received by an employee of Central Government, State Government or local authority is wholly exempt from tax. This exemption is not a .....

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on, overtime wages or any other allowance. Part of a year exceeding six months is taken as a complete year. In case of employees not covered by Payment of Gratuity Act,{Section 10(10)(iii))} an amount equal to the least of the following will be exempt from tax: ½ x Average salary of last 10 months preceding the month of retirement x Completed year of service (fraction of a year is ignored) 10,00,000 Gratuity actually received Notes: Salary includes basic pay, dearness allowance to the ext .....

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