Thursday, July 15, 2010

TAX EXEMPTION LIMIT ON GRATUITY RAISED TO RS. 10 LAKH

The government has raised the income tax exemption limit on gratuity from Rs. 3.5 lakh to Rs. 10 lakh, with effect from May 24. The new rule will apply to employees who retire, become incapacitated, are terminated or die on or after May 24, 2010.

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