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Gratuity

What was maximum amount received at retirement ?


bellamkonda santhosh

bellamkonda santhosh

CA Inter

1K+

08-Mar-20 22:24

45

Answers (2)

Maximum amount of gratuity payable should not exceed â?¹ 20 lakh.


Deepak Gupta

Deepak Gupta

CA Inter

965

09-Mar-20 12:32

Max amount receivable is as per employment contract between employer and employee. income tax act has provisions to determine how much of that is exempt and how much is taxable. some one can theoretically receive 1 crore as gratuity but the exemption under IT act is limited by the concerned section - it is 20 lacs as of now


Sriram Somayajula

Sriram Somayajula

Admin

13-Mar-20 18:54