June 11,New Delhi, Today the Government announced and raised the Income Tax exemption limit on gratuity from Rs 3.5 lakh to Rs 10 lakh, with immediate effect from 24 May 2010.
As per Government statement, Income Tax Exemption for Employees who retire, become terminated, incapacitated or die on or after May 24, 2010, will get Income Tax exemption for gratuity up to Rs 10 lakh, a Finance Ministry official said here.
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