Mr. Ankit retired on April 30, 2020. He will be receiving gratuity of *5.5 lakh and leave encashment of *2.20 lakh. He will also be receiving employee and employer contribution to provident fund. If he opt for the reduced rate of tax. Explain whether he will be eligible for the exemption under Income Tax Act.

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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4. Mr. Ankit retired on April 30, 2020. He will be receiving gratuity of *5.5 lakh and leave encashment
of *2.20 lakh. He will also be receiving employee and employer contribution to provident fund.
If he opt for the reduced rate of tax. Explain whether he will be eligible for the exemption under
Income Tax Act,
Transcribed Image Text:4. Mr. Ankit retired on April 30, 2020. He will be receiving gratuity of *5.5 lakh and leave encashment of *2.20 lakh. He will also be receiving employee and employer contribution to provident fund. If he opt for the reduced rate of tax. Explain whether he will be eligible for the exemption under Income Tax Act,
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