Gratuity for government employees is tax-free; however, it is taxable for private employees if the amount is more than Rs 20 lakh.
An annuity is a financial product that provides a stream of income over a set period. Annuities are often used in retirement planning as a way to generate income from a lump sum investment.
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How much more will a central government employee will earn under the 8th Pay Commission if his/her basic salary is Rs 60,000?
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