Updates for May 2019 Exams!

Updated: Mar 15, 2019

1. Amendment in Gratuity Limit: Notification dated- 8th March 2019

For the Previous Year 2018-19 [AY 19-20]

Ceiling Limit shall be 20 Lakhs even if employee is not covered under Payment of Gratuity Act.

Therefore, except Government Employees (fully exempt), all employees shall be entitled to 20 lakhs limit.

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INCOME TAX AMENDMENTS (For May and November 2019 exams)

1. Amendments relating to Income chargeable under Salaries a. Standard Deduction [Section 16(ia)] – Standard deduction of Rs. 40,000 or the amount of the salary, whichever is less b. Transport allowan