:::::SRI S.B. RODE, OUR BELOVED PRESIDENT, AICBOF AND OFFICER DIRECTOR ON THE BOARD OF CENTRAL BANK OF INDIA HAS BEEN COOPTED AS GENERAL SECRETARY, AICBOF IN E.C. MTG. HELD AT MUMBAI ON 24.02.2014:::::MR. S.C. GUPTA, GEN. SECRETARY OF OUR AHMEDABAD UNIT HAS BEEN COOPTED AS PRESIDENT, AICBOF::::::WE CONGRATULATE THEM AND WISH THAT THE OFFICERS' MOVEMENT IN CENTRAL BANK OF INDIA WILL BE TAKEN TO NEW HEIGHTS:::::LONG LIVE CBOA:::::LONG LIVE AICBOF::::::LONG LIVE AIBOC:::::

I-T EXEMPTION LIMIT FOR GRATUITY UPPED TO RS 10 LAKH

The government today raised the income tax exemption limit on gratuity from Rs 3.5 lakh to Rs 10 lakh, with effect from May 24.

 "Employees who retire, become incapacitated, terminated, or die on or after May 24, 2010, will get I-T exemption for gratuity up to Rs 10 lakh," a Finance Ministry official said here.

 The Finance Ministry today notified a rule in this regard, the official added.

 Earlier, the Parliament had approved raising the limit of gratuity to be exempted from income tax.

 The Payment of Gratuity (Amendment) Bill, 2010, was passed by the Parliament in this regard in the Budget session.

 While the Sixth Pay Commission had raised the limit for Central Government employees, the Cabinet later enhanced the ceiling for the private sector workforce as well.

Posted by C.B.O.A., A.P.

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