Though the Parliament has approved the amendment to Payment of Gratuity Act, 1972, this is still not legalized as a law for private sector employees. Please let me know if I have to retire on 31-Mar-2018, will I be eligible as per the new law or still Rs.1000000 holds good?
From India, Chennai
From India, Chennai
Mr Yogesh can you Please attach any document with regard to your statement " the Parliament has approved the amendment to Payment of Gratuity Act, 1972" What Amendment?
this is still not legalized as a law for private sector employees-Please elaborate
What is the Amount of Gratuity due to you as on 31/03/2018
From India, New Delhi
610this is still not legalized as a law for private sector employees-Please elaborate
What is the Amount of Gratuity due to you as on 31/03/2018
From India, New Delhi
Dear Yogesh: The latest, as per Press Reports (13.09.17), is that the Union Cabinet has decided to introduce Payment of Gratuity (Amendment) Bill 2017 in the next session. After the bill is passed by the Parliament, it will become a part of the Payment of Gratuity Act after it receives the assent of the President. Thereafter Government of India has to publish the date from which the amended law would be operative. Once the process is completed, the revised ceiling would be applicable to both Government sector and private sector, albeit to all establishments covered under the Act. Consequent to this, will be the amendment in Income Tax Act which will render the max. amount of tax free gratuity to be Rs. 20 Lakh. Till then tax liability will continue for any amount greater than Rs. 10 lakh
From India, Mumbai
From India, Mumbai
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Amendment to Payment of Bonus Act 2015.jpg
Payment of Gratuity Amendment Bill 2009.pdf