Govt doubles income tax exemption for gratuity

“Income tax exemption for gratuity under section 10(10)(iii) of the Income Tax Act has been enhanced to Rs 20 lakh. Would benefit all PSU employees and other employees not covered by Payment of Gratuity Act,” finance minister Arun Jaitley tweeted. The government was, however, silent on the date from which the exemption would be applicable.

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