Income Tax exemption for gratuity increased to Rs 20 lakh

  • Continuing with its sops for the general public ahead of the 2019 General elections, the Government on Tuesday raised the bar of exemption for gratuity to Rs 20 lakh from Rs 10 lakh.
  • “Income Tax Exemption for Gratuity under Section 10(10)(iii) of the Income Tax Act has been enhanced to Rupees 20 lakh.
  • Recently, the Government has approved an amendment to increase the maximum limit of gratuity, to be exempted from tax to Rs 20 lakh from the existing ceiling of Rs 10 lakh. .

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