Tue, Dec 03, 2024
Gratuity Calculator: Companies following the Payment of Gratuity Act, 1972, are mandated to provide gratuity to their employees with uninterrupted service of 5 years. The last drawn salary and the number of service years are the criteria to calculate the gratuity of an employee.
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Tue, Apr 03, 2018
New gratuity norms: So far, formal sector workers with five or more years of service are eligible for Rs 10 lakh tax-free gratuity after leaving job or at time of superannuation. Now, that money has doubled to Rs 20 lakh. Gratuity exemption under the Income Tax Act is linked to the limits specified in section 4 of Payment of Gratuity Act, 1972
Fri, Mar 16, 2018
7th Pay Commission: The Lok Sabha on Thursday passed the Payment of Gratuity (Amendment) Bill 2017 that seeks to empower the government to fix the period of maternity leave and tax-free gratuity amount with an executive order. The Bill seeks to amend the Payment of Gratuity Act, 1972.
Wed, Sep 13, 2017
Payment of Gratuity (Amendment) Bill, 2017 Amendment Bill seeks to double tax -free gratuity for private sector employees to Rs 20 lakh as against the current limit of Rs 10 lakh.
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