Raghu retired on 31st October, 2022 after rendering service for 32 years in a listed company. He received ₹23,00,000 as gratuity at the time of retirement and is covered by Payment of Gratuity Act, 1972. What is the mone
CS Executive · Tax Laws · PYQS · June 2023
Raghu retired on 31st October, 2022 after rendering service for 32 years in a listed company. He received ₹23,00,000 as gratuity at the time of retirement and is covered by Payment of Gratuity Act, 1972. What is the monetary limit for availing exemption in respect of gratuity under the Income Tax Act, 1961?
Answer & Explanation:
Correct Answer: Option (B)
Official answer key: (B).
Topics: Income Tax Act, 1961
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