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Income tax act provides exemption for the amount an employee receives as gratuity from his employer.
Section 10 21 of income tax act. Comptroller means the comptroller of income tax appointed under section 3 1 and includes for all purposes of this act except the exercise of the powers conferred upon the comptroller by sections 34f 9 37ie 7 37j 5 67 1 a 95 96 96a and 101 a deputy comptroller or an assistant comptroller so appointed. The objective of section 10 of the income tax act is to reduce the burden of the different structure of the tax such as rent allowance allowance for children education travel allowance gratuity and so on. In computing the total income of a previous year of any person any income falling within any of the following clauses shall not be included 21 any income of a research association for the time being approved for the purpose of clause ii or clause iii of sub section 1 of section 35.
Any sum received under section 80dd 3 of the income tax act. Any sum received under a life insurance policy section 10 10d. 1 income should be applied or accumulated wholly and exclusively for the objects for it established.
Gratuity received after death of the employee will be taxable in the hands of their legal heir who receives it. Section 10 21 in the income tax act 1995 1. 1 for the purposes of sub clause i of clause 14 of section 10 prescribed allowances by whatever name called shall be the following namely a.
After this exemption the rest will be taxable in the hand of employee under the head salary. Prior to the substitution clause b substituted as a. Any amount received under the keyman insurance policy.
Apportionment of income between spouses governed by portuguese civil code. 2 act 1991 w. The income tax department never asks for your pin numbers.
Tax on non monetary perquisites paid by employer section 10 10cc the income tax actually paid by the employer himself on a non monetary perquisite provided to the employee shall be exempt in the hands of the employee. Any sum received under section 80dda 3 of the income tax act. Scope of total income.
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