Hi... Pls help me in knowing tax impact if any on my gratuity.
Question: Recvd gratuity from previous company in year 2005 , the amount was just 17k or 18 k approx (nothing was given on paper, straight came to account from company) , now after doing another 5 years job with current org.. I am getting gratuity ...company is asking for declaration whether I have claimed any tax exemption with any previous organization ... what should I declare..
From India
Question: Recvd gratuity from previous company in year 2005 , the amount was just 17k or 18 k approx (nothing was given on paper, straight came to account from company) , now after doing another 5 years job with current org.. I am getting gratuity ...company is asking for declaration whether I have claimed any tax exemption with any previous organization ... what should I declare..
From India
Dear Friend,
Gratuity is Tax exempted upto Rs. 10,00,000/- from 2010-11 as per Income Tax act,1961 U/s 10 earlier it was Rs. 3,50,000/- so need not to worry about tax.
Friend, these kind of questions raised many times in this forum, My request is just use search button I am sure you will get bunch of information about the same.
I wish you all the best.
From India, Hyderabad
85Gratuity is Tax exempted upto Rs. 10,00,000/- from 2010-11 as per Income Tax act,1961 U/s 10 earlier it was Rs. 3,50,000/- so need not to worry about tax.
Friend, these kind of questions raised many times in this forum, My request is just use search button I am sure you will get bunch of information about the same.
I wish you all the best.
From India, Hyderabad
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Circular No 1-2018 Processing of income-tax returns under section 143(1) of the Income-tax Act .pdf