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        Income Tax

        Example:-X, an employee of A Ltd., receives ₹ 62,000 as gratuity (he is covered under the Payment of Gratuity Act, 1972). He retires on 31st January, 2015 after service of 29 years and 8 months. At the time of retirement monthly salary of X was ₹ 3,100. Is the entire amount of gratuity exempt from tax?

        10 August, 2015

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        Chapter No. 03 - Salary - Gratuity - [Sec. 10(10)]

        In this case 30 years will be taken as completed year of service.

        15 days’ salary = 3,100 x 15/26 = 1,788.46

        Out of ₹ 62000 received as gratuity, the least of the following will be exempt from tax:

        1. ₹ 53,653.85 (i.e. 1,788.46 x 30)
        2. ₹ 10,00,000
        3. ₹ 62,000

        ₹ 53,653.85 being the least of the three sums, is exempt u/s 10(10)(ii).

        The balance of ₹ 8,346.15 is taxable for the assessment year 2015-16.

        Gratuity exemption: part determined by 15 days salary times completed years, excess treated as taxable salary. Gratuity exemption is determined by taking the least of: the product of 15 days' salary and completed years of service, the statutory ceiling, and the gratuity received. Completed years may be rounded to include qualifying months. The exempt portion is that least amount; any excess over the exempt amount is taxable as salary income in the assessment year.
                        Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
                          Provisions expressly mentioned in the judgment/order text.

                              Gratuity exemption: part determined by 15 days salary times completed years, excess treated as taxable salary.

                              Gratuity exemption is determined by taking the least of: the product of 15 days' salary and completed years of service, the statutory ceiling, and the gratuity received. Completed years may be rounded to include qualifying months. The exempt portion is that least amount; any excess over the exempt amount is taxable as salary income in the assessment year.


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