Whether any amendment has been made to income tax act for calculation of tax liability on gratuity amount exceeding rs. 3.5 lacs in view of recent amendment of ceiling of gratuity amount to PSU employees.
Professional Answers on Investments
Insurance, Mutual Funds, Sensex, Nifty, Financial Planning
Whether any amendment has been made to income tax act for calculation of tax liability on gratuity amount exceeding rs. 3.5 lacs in view of recent amendment of ceiling of gratuity amount to PSU employees.
so far not. under the provisions of sec.10(10) of the Income Tax Act, 1961, for employees covered under the Payment of Gratuity Act, 1972. It wuld be calculated as the salary account.