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of <h1>Retired Employee's Gratuity: Rs. 53,653.85 Tax-Exempt, Rs. 8,346.15 Taxable u/s 10(10)(ii) for 2015-16.</h1> An employee of a company, covered under the Payment of Gratuity Act, 1972, retired after 29 years and 8 months of service with a monthly salary of 3,100. Upon retirement on January 31, 2015, the employee received a gratuity of 62,000. For tax exemption purposes, 30 years is considered the completed service period. The least of three amounts-53,653.85 (calculated as 15 days' salary for 30 years), 10,00,000, or 62,000-is exempt from tax. Therefore, 53,653.85 is exempt under Section 10(10)(ii), while the remaining 8,346.15 is taxable for the assessment year 2015-16.
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