Tag Archives: 5 term service

Rs 20 lakh tax-free gratuity to employees soon if Lok Sabha passes new bill

The Payment of Gratuity Amendment Bill 2017 is likely to be passed in the forthcoming budget session of Parliament, which will make formal sector workers eligible for tax free Rs 20 lakh gratuity.

The Lok Sabha will take up the Payment of Gratuity Amendment Bill 2017 during the budget session.

PC: ht

At present, formal sector workers with five or more years of service are eligible for Rs 10 lakh tax-free gratuity after leaving job or at time of superannuation.

“The Payment of Gratuity (Amendment) Bill, 2017 will be passed in the budget session of Parliament, expected to begin by the end of this month,” a source said.

The source further said, “The government wants to provide tax free Continue reading

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