Budget / TaxesCurrent Affairs

Government doubled income tax exemption limit for gratuity to Rs 20 Lakh

The government has doubled the income tax exemption limit for gratuity to Rs 20 lakh from the existing Rs 10 lakh. Gratuity law applies to all employees who work in an organization where there are 10 or more employees in a year. It will be implemented from March 29, 2018. This will increase the burden of paperwork for those who retired on March 31, 2018.

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