Gratuity

Tax Glossary Definition

Gratuity

Gratuity – A lump-sum payment made by an employer to an employee as a reward for long-term service, usually payable on retirement, resignation, or termination, and governed by the Payment of Gratuity Act for eligible employees.

Example: For employees covered under the Payment of Gratuity Act, gratuity is tax-exempt up to ₹20 lakh.

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