Budget 2021 needs to hike gratuity exemption limit, tax benefits on EPF, NPS due to new labour laws

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Budget 2021 needs to hike gratuity exemption limit, tax benefits on EPF, NPS due to new labour laws
By Homi Mistry, ET CONTRIBUTORS
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Synopsis

Under the new labour laws, the definition of wages is standardised. This will impact on how gratuity and EPF will be calculated and lead to hike in amount and individual is eligible to receive.

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Contribution to NPS has lately become one of the favored options to save taxes.
(Disclaimer: The opinions expressed in this column are that of the writer. The facts and opinions expressed here do not reflect the views of www.economictimes.com.)

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1 Comment on this Story

Mukesh Badhuria1 minute ago
Finance Act should also look in to tax exemption limit of Earned Leave Encashment which has not been reviewed for a while.