Example:-X, an employee of A Ltd., receives ₹ 62,000 as gratuity (he is covered under the Payment of Gratuity Act, 1972). He retires on 31st January, 2015 after service of 29 years and 8 months. At the time of retirement monthly salary of X was ₹ 3,100. Is the entire amount of gratuity exempt from tax?

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... At the time of retirement monthly salary of X was ₹ 3,100. Is the entire amount of gratuity exempt from tax? - Salary - Gratuity - [Sec. 10(10)] Income Tax – Salary - Income Tax - Manuals - FAQ .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... ng the least of the three sums, is exempt u/s 10(10)(ii). The balance of ₹ 8,346.15 is taxable for the assessment year 2015-16. - FAQ - Frequently Asked Questions, TMI Short Notes , Expert .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X