Mohan retired from Y & Company Ltd. on 31.08.2020 after rendering services for 31 years and 7 months. He was paid ₹ 11 lakhs as gratuity under the Payment of Gratuity Act, 1972. His last drawn salary was ₹52,000. How much of the amount of gratuity would be exempt
A. ₹ 1,40,000
B. ₹ 20,00,000
C. ₹ 9,30,000
D. ₹ 9,60,000
Answer:D
Mohan retired from Y & Company Ltd. on 31.08.2020 after rendering services for 31 years and 7 months. He was paid ₹ 11 lakhs as gratuity under the Payment of Gratuity Act, 1972. His last drawn salary was ₹52,000. How much of the amount of gratuity would be exempt
A. ₹ 1,40,000 B. ₹ 20,00,000 C. ₹ 9,30,000 D. ₹ 9,60,000