Mr. Ashwin retired on 31-10-2016 after rendering 35 years of service in PLN & Co. Ltd. He received gratuity of ₹ 18 lakhs. He is governed by Payment of Gratuity Act, 1972. The monetary limit eligible for exemption is
CS Executive · Tax Laws and Practice · PYQS · June 2017
Mr. Ashwin retired on 31-10-2016 after rendering 35 years of service in PLN & Co. Ltd. He received gratuity of ₹ 18 lakhs. He is governed by Payment of Gratuity Act, 1972. The monetary limit eligible for exemption is:
Answer & Explanation:
Correct Answer: Option (A)
Official answer key: (A).
Topics: Income Tax
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