Gratuity - [Section 10(10)]

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.... the hands of employee. While if gratuity is received in case of death or retirement or resignation, then exemption is available up to the following limits: * In case of Government employee {Section 10(10)(i))}- Any gratuity received by an employee of Central Government, State Government or local authority is wholly exempt from tax. This exemption is not available to employees of Statutory Corpo....

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....case of employees not covered by Payment of Gratuity Act,[ Section 10(10)(iii) ] an amount equal to the least of the following will be exempt from tax: * ½ x Average salary of last 10 months preceding the month of retirement x Completed year of service (fraction of a year is ignored) * Amount specified by the central government * Rs. 10,00,000/- [ From 24th May, 2010 to 28th March, 20....