CBDT Press Release on Tax exemption for gratuity
Government of India / Ministry of Finance
Department of Revenue
Central Board of Direct Taxes
lakh rupees as the maximum amount of gratuity entitled to exemption under
sub-clause (iii) of clause (10) of section 10 of the Income Tax Act 1961.
The notification will be applicable to employees who retire, or
become incapacitated before retirement, or expire, or whose services are
terminated, on or after the 24th May 2010.