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Income-tax Act, 1961 : Notification under section 10(10(iii)) :
Exemption of gratuity limit specified
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Notification S.0.1414(E), dated 11th June 2010
In exercise of the powers conferred by sub-clause (iii) of clause (10) of Section 10 of the Income-tax Act, 1961 (43 of 1961), and in supersession of Ministry of Finance, Department of Revenue, notification No. S.O. 287 dated the 20th January, 1999* the Central Government having regard to the maximum amount of any gratuity payable to employees, hereby specifies ten lakh rupees as the limit for the purpose of the said sub-clause in relation to the employees who retire or become incapacitated prior to such retirement or die on or after the 24th day of May, 2010 or whose employment is terminated on or after the said date.
[Notification No. 43//F.No. 200/33/2009-ITA.-I]
* [1999] 236 ITR (St.) 252.
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