Mr. Vijay employed in ABC Ltd. opted for voluntary retirement and received ₹ 22 lakhs by way of gratuity. The payment of Gratuity Act, 1972 is applicable in his case. The monetary limit for exemption under section 10(10) is:
A. ₹ 3,50,000
B. ₹ 5,00,000
C. ₹ 20,00,000
D. ₹ 3,00,000
Answer:C
Mr. Vijay employed in ABC Ltd. opted for voluntary retirement and received ₹ 22 lakhs by way of gratuity. The payment of Gratuity Act, 1972 is applicable in his case. The monetary limit for exemption under section 10(10) is:
A. ₹ 3,50,000 B. ₹ 5,00,000 C. ₹ 20,00,000 D. ₹ 3,00,000