Provisions relating to Gratuity u/s 10(10) in case of employees is cov

Question

Provisions relating to Gratuity u/s 10(10) in case of employees is covered by Payment of Gratuity Act, 1972.

21 Jan 2021

Answer :

Word Count : 405

Section 10(10) of the Income Tax Act in India outlines the tax treatment of gratuity received by employees covered under the Payment of Gratuity Act, 1972. The Payment of Gratuity Act mandates that employers provide gratuity as a form of monetary reward to employees for their continuous service.

**Key Points:**

1. **Gratuity:** Gratuity is a lump sum payment made by an employer to an employee as a token of appreciation for their long and dedicated service. It is usually paid at the time of retirement, resignation, superannuation, or death.

2. **Payment of Gratuity Act:** The Payment of Gratuity Act, 1972, governs ______ ____ ___ _____ ________ _____ _____ ____.
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