What is the exemption criteria U/S 10(10) (ii) of the IT Act, 1961 for any gratuity received by a seasonal employee?
Exemption limit is least of there:
(i) 7 day’s wages (calculated as 26 working days in a month) based on last drawn salary for every number of seasons worked,
(ii) Rs. 3,50,000/-,
(iii) Actual gratuity received
Exemption limit is least of three:
(i) 7 day’s wages based on last drawn salary for every number of seasons worked,
(ii) Rs. 3,00,000/-,
(i) 15 day’s wages based on last drawn salary for every completed year
(ii) Rs. 4,00,000/-,
Submit