Gratuity Tax-free limit will be doubled

New Delhi, July 10: The Union Finance Minister Bandaru Dattatreya opinioned that, The new amendment of gratuity bill could be introduced in the monsoon session of Parliament, which contains the increasing of tax-free gratuity limit from Rs.10 lakhs to Rs.20 lakhs.

He has produced the Gratuity Act amendment bill which doubles the gratuity tax-free limit up to Rs.20 lakhs.The bill yet to be observed and approved by the Union cabinet.

While speaking to media on Sunday, Dattatreya said that The bill will be passed to the cabinet approval soon may be introduced in the next Parliament sessions.

The Monsoon session of Parliament will be held from 17th of this month.

According to the Gratuity amendment bill, united workers are eligible to a grant of Rs 20 lakh without paying any tax.