Exemption under section 10(10a)

exemption under section 10(10a)

Exempt, exempt upto 12 of salary.
The amount of gratuity as calculated above shall not exceed.
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Employees, Defense employees and employees in Local authority shall be fully exempt.Employee doesnt receive Gratuity: Commuted value of one-half of such pension is exempt from tax.When pension amount received by employee exceed exemption limit as mentioned above, win95 iso for vmware such exceed amount is liable to tax when it is due or paid.Employees at the time of retirement in respect of the period of earned leave at credit is fully exempt.Also in following cases pension is exempted from Tax.This is further subject to a limit.Pension received from UNO by employee or his/her family members.Normally pension is paid after death or retirement of employee by his/her employer as monthly payment but when employer pays any lump sum payment, it is known as commuted pension.Regular premium policy: before premiums have been paid for 2 years.Employee's contribution will qualify for deduction under section 80C and interest on accumulated balance is not liable to tax.
Deduction limit: Deduction will be allowed only for premiums upto a maximum of 10 of the sum assured for policy issued on or after April 1, 2012.Who is Eligible Assessee Individual and.Disallowance: The deductions claimed earlier will be taxable as income if the policy is terminated either by notice or by failure to pay any premium in case.More than one insurance policy-, if you are paying premium for more than one insurance policy, all the premiums can be included.Commuted pension received by any other employee: Employee receive Gratuity also: In case employee receive gratuity along with pension, commuted value of one-third of pension which normally he/she is entitled to receive is exempt from tax.Single premium policy: within 2 years after the commencement date.