Please Help: INCOME TAX
Posted Date : 07-Jun-2018 , 08:28:49 pm | Posted By ARUN
GRATUTITY OF 18 LACS RECEIVED BY BANK EMPLOYEE IN SEPTEMBER 2017 WHAT WILL BE THE EXEMPTION LIMIT FOR AY 18-19
Category : Income Tax | Answers : 0 | Comments : 2 | Hits : 404
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Ashok
20-Jun-2018 , 01:32:27 pmnow 20 lakh examption limit
YUGENDRA NAGPURE
21-Jun-2018 , 01:07:26 pmDeath -cum-Retirement Gratuity received by other employees who are covered under Gratuity Act, 1972 (other than Government employee) (Subject to certain conditions). 10(10) Least of following amount is exempt from tax: 1. (*15/26) X Last drawn salary** X completed year of service or part thereof in excess of 6 months. 2. Rs. 20,00,000 3. Gratuity actually received. *7 days in case of employee of seasonal establishment. ** Salary = Last drawn salary including DA but excluding any bonus, commission, HRA, overtime and any other allowance, benefits or perquisite 5. Death -cum-Retirement Gratuity received by other employees who are not covered under Gratuity Act, 1972 (other than Government employee)(Subject to certain conditions). 10(10) Least of following amount is exempt from tax: 1. 1/2 X Average Salary* X Completed years of service 2. Rs. 10,00,000 3. Gratuity actually received. *Average salary = Average Salary of last 10 months immediately preceding the month of retirement **Salary = Basic Pay + Dearness Allowance (to the extent it forms part of retirement benefits)+ turnover based commission