Gratuity

Querist : Anonymous (Querist) 11 April 2011 This query is : Resolved
I retired from service with Gujarat State Fertilizers and chemicals limited on 30-04-2009. Whether I am eligible for Gratuity exemption up to 10 lacs?

Can I refile revised return for A.Y.2010-11?

Virendra K Sanghvi

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K.S.Srinivas (Expert) 27 July 2011
Calculation of Gratuity:
Gratuity Payable = 15 days wages x Number of completed years of service.
(Part of year in excess of 6 months is counted as one year)
15 days wages = Monthly wages
last drawn x 15 /26

The amount of gratuity should not exceed Rs.10,00,000/-
The current maximum limit is applicable from 24.5.2010.

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