Would profit all PSU workers and different representatives not secured by Payment of Gratuity Act, says Arun Jaitley.
New Delhi: Finance Minister Arun Jaitley said on Tuesday the choice to twofold tax-exempt tip breaking point to Rs 20 lakh will profit open and private area representatives.
The legislature in Budget 2019-20 likewise reported climbing of tax exempt tip to Rs 20 lakh for representatives not secured under the Gratuity Act having administration of over five years.
“Pay Tax Exemption for Gratuity under Section 10(10)(iii) of the Income Tax Act has been upgraded to Rs 20 lakh. Would profit all PSU representatives and different workers not secured by Payment of Gratuity Act,” Finance Minister Arun Jaitley said in a tweet.
Parliament a year ago passed Payment of Gratuity (Amendment) Bill, 2018, empowering the legislature to raise the point of confinement of tax-exempt tip to Rs 20 lakh and to fix the time of maternity leave qualifying as ceaseless administration period through an official request.