Respected sir, 22/03/2011
I am a retired Bank official retired on 30/09/2009.At the time of my retirement the exemption limit for Gratuity was Rs.3.5/lacs.However due to wage revision i got arrears of Gratuity Rs.151000/-In the month of Aug 2010 by which time Gratuity Exemption limit was raised to Rs.10,00 000/- Whether gratuity arrears of Rs.151000/- received by me in Aug,2010 is taxable?
Second query I paid Rs.630000/- by way contribution towards Pension fund to avail Pension option which was compulsory if u want to exercise second option of pension.This is applicable to all employees who now opted for pension has to contribute 56% of the banks contribution they received which also has to be refunded.
Question is whether we can claim exmption for the amount we received by way of pension? In my case I received Pension of Rs.301110/- up to March 2011 and I paid Rs.630000/- towards pension cost.
Since the year ending is very close i request u to assist me in the matter at your earliest.
This will be useful to all employees in the Banking Industy who opted for second option of pension