INCREASE IN GRATUITY LIMIT FOR INCOME TAX PURPOSE.

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..... THE GRATUITY ACT HAS BEEN AMENDED TO INCREASE THE LIMIT TO RS. 10 LAKHS. KINDLY CLARIFY: 1. ACTUAL DATE OF EFFECT OF THE INCREASE IN LIMIT FOR INCOME TAX PURPOSE. 2. IN CASE EMPLOYEE RETIRED ON 30TH JAN. 2010 WILL HE GETS THE INCOME TAX BENEFIT OF THIS INCREASE IF: A) HE SUBMITS APPLICATION TO DAY (24.5.2010) FOR DRAWING GRATUITY AS PER ENTITLEMENT WHICH IS RS. 10 LAKHS. B) HE SUBMITTED APPLICATIO .....

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..... N ON 1.3.2010 AND HE WANTS THE AMOUNT ONLY ON 1.6.2010. C) HE SUBMITTED THE APPLICATION FOR RS. 3.5 LAKHS AND GOT THE SAME ON 1.3.2010 AND HE SUBMITS THE APPLICATION FOR BALANCE RS. 6.5 LAKHS ON 1.6.2010. KINDLY ADV. TAXABILITY UNDER INCOME TAX U/S 10(10) - Reply By Mohammed Lakkadsha - The Reply = The limit has not yet been increased for employees coverd under GP Act, 1972. The limit has been .....

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..... only extended for centtral Govt employees thorugh 6th Pay commission. On same lines cabinet has approved the increase in limit in GP Act,1972 Also but same is pending in parliament for amendment in act. - Reply By RAJAGOPALAN R - The Reply = INCREASE IN GRATUITY LIMIT HAS BEEN NOTIFIED ON 18TH W.E.F 24.5.2010 AND THE NOTIFICATION IS AVAILABLE IN THE WEBSITE OF LABOUR MINISTRY WWW.LABOUR.GOV.IN - .....

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..... Reply By Rama Krishana - The Reply = The provisions of income tax are directly related to payment of gratuity act, 1972 [Section 10(10)]. Regarding applicability of increased amount, the limit is applicable to person who are getting retired on or after the appointed day. - INCREASE IN GRATUITY LIMIT FOR INCOME TAX PURPOSE. - Query Started By: - RAJAGOPALAN R Dated:- 24-5-2010 Income Tax - Got 3 .....

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..... Replies - Income Tax - Discussion Forum - Knowledge Sharing, reply post by an expert, personal opinion Tax Management India - taxmanagementindia - taxmanagement - taxmanagementindia.com - TMI - TaxTMI - TMITax .....

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