What Is Gratuity In Salary: How To Calculate And What Are Its Eligibility Criteria?

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Gratuity is a lump sum payment made by the employer to the employee as an acknowledgement of the services provided by the employee towards the company. The Gratuity Act mandates that the gratuity amount paid to an employee cannot exceed Rs. 20 Lakhs.

In a major relief for salaried employees, In 2019 FM Goyal announced to increase the tax-free gratuity limit from existing Rs 10 lakh to Rs 30 lakh from the next fiscal.

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