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of <h1>CBDT Circular on Exemption of Gratuity Funds Income u/s 10(25) of Income Tax Act, 1961.</h1> The circular, dated August 1, 1973, from the Central Board of Direct Taxes (CBDT), addresses the exemption of income for approved Gratuity Funds under section 10(25) of the Income Tax Act, 1961. The exemption was introduced by the Finance Act, 1973, effective from April 1, 1973. Before this amendment, such income was not exempt. The circular instructs a review of Gratuity Funds up to the assessment year 1972-73 to identify any income that was incorrectly exempted. A list of funds granted exemptions prior to the amendment must be submitted by August 25, 1973, to address revenue losses.
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