Home India Ministry of Finance In exercise of the powers conferred by sub clause iii of cla...
Date: 2019-03-08 Category: Extra Ordinary State: Union Government Country: India

In exercise of the powers conferred by sub clause iii of clause 10 of section 10 of the Income tax Act

Issued by Ministry of Finance · Department of Revenue

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Executive Summary & Key Takeaways

This notification, S.O. 1213(E), issued by the Ministry of Finance, Department of Revenue, Central Board of Direct Taxes on March 8, 2019, specifies a limit of twenty lakh rupees for gratuity payable to employees under sub-clause (iii) of clause (10) of section 10 of the Income-tax Act, 1961. This limit applies to employees who retire, become incapacitated before retirement, or die on or after March 29, 2018, or whose employment is terminated on or after the same date. This notification supersedes notification number S.O. 141(E), dated June 11, 2010, except for actions taken or omitted before this supersession. The notification number is 16/2019, and the file number is 2008/2018/IT(A-I). The issuing authority is Rajarajeswari R., Under Secretary.

Key Entities Referenced

Ministry of Finance: A department of the Government of India. Department of Revenue: A department within the Ministry of Finance. Central Board of Direct Taxes: An organization under the Department of Revenue, Ministry of Finance. New Delhi: The location where the notification was issued. Incometax Act, 1961: A law related to income tax in India. March 29, 2018: A date related to retirement, incapacitation, death or termination of employment of employees S.O. 141E: Notification number of Ministry of Finance, Department of Revenue. Twenty Lakh Rupees: The specified limit for gratuity payable to employees.
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