Another good news for the employees after the 7th Pay Commission, the bill to tax gratuity up to 20 lakhs passed from Lok Sabha
Gratuity Amendment Bill: Gratuity is available to employees in the organized sector, who serve in a company for 5 years or more. They are given a leave of gratuity on the job or at the time of retirement.
Gratuity Amendment Bill: At present, gratuity upto Rs 10 lakh is not taxed at any cost.
The Payment of Gratuity (Amendment) Bill 2017 has passed in the Lok Sabha. After this, the government will now increase the limit of tax free gratuity to the tune of Rs 20 lakhs in the present time under the Payment of Guarantee Act. After the seventh pay commission, the maximum limit of gratuity for central government employees was increased from Rs 10 lakh to Rs 20 lakh. Unions have demanded to include changes in the Act. Due to ongoing protests on many issues, it has been delayed. Earlier, Parliamentary Affairs Minister Ananth Kumar had said that the payment of the Gratuity (Amendment) Bill was an important law and demanded the support of the opposition.
The government should notify the women employees in the Service Bill instead of "Maternity Leave" at the present 12-week place. This was done because the Maternity Leave period was increased from 12 weeks to 26 weeks through the Maternity Services Amendment Act 2017. In such a case, the Central Government has been informed to notify the existing 12-week period for such other period.
The main purpose of implementing this Act is to retire due to the physical disability of workers after retirement, whether according to retirement rules or due to the failure of important parts of the body. Now, the bill will go into the Upper House for consideration and passage. At present, gratuity up to Rs. 10 lakhs is not payable on any kind of tax. Gratuity is available to the employees of the organized sector, who serve in a company for 5 years or more. They are given a leave of gratuity on the job or at the time of retirement. Earlier, the tax free limit of gratuity was fixed in 2010. There has not been any change since then.
important link below given
>>Click here to read in Hindi
Gratuity Amendment Bill: Gratuity is available to employees in the organized sector, who serve in a company for 5 years or more. They are given a leave of gratuity on the job or at the time of retirement.
Gratuity Amendment Bill: At present, gratuity upto Rs 10 lakh is not taxed at any cost.
The Payment of Gratuity (Amendment) Bill 2017 has passed in the Lok Sabha. After this, the government will now increase the limit of tax free gratuity to the tune of Rs 20 lakhs in the present time under the Payment of Guarantee Act. After the seventh pay commission, the maximum limit of gratuity for central government employees was increased from Rs 10 lakh to Rs 20 lakh. Unions have demanded to include changes in the Act. Due to ongoing protests on many issues, it has been delayed. Earlier, Parliamentary Affairs Minister Ananth Kumar had said that the payment of the Gratuity (Amendment) Bill was an important law and demanded the support of the opposition.
The government should notify the women employees in the Service Bill instead of "Maternity Leave" at the present 12-week place. This was done because the Maternity Leave period was increased from 12 weeks to 26 weeks through the Maternity Services Amendment Act 2017. In such a case, the Central Government has been informed to notify the existing 12-week period for such other period.
The main purpose of implementing this Act is to retire due to the physical disability of workers after retirement, whether according to retirement rules or due to the failure of important parts of the body. Now, the bill will go into the Upper House for consideration and passage. At present, gratuity up to Rs. 10 lakhs is not payable on any kind of tax. Gratuity is available to the employees of the organized sector, who serve in a company for 5 years or more. They are given a leave of gratuity on the job or at the time of retirement. Earlier, the tax free limit of gratuity was fixed in 2010. There has not been any change since then.
important link below given
>>Click here to read in Hindi