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Mr. A retires from service on December 31, 2020, after 25 years of service. Following are the particulars of his income/investments for the previous year
Mr. A retires from service on December 31, 2020, after 25 years of service. Following are the particulars of his income/investments for the previous year 2020-21: Particulars Basic pay @ 16,000 per month for 9 months 1,44,000 Dearness pay (50% forms part of the retirement benefits) 78,000 per 72,000 month for 9 months Lumpsum payment received from the Unrecognized Provident Fund 6,00,000 Deposits in the PPF account 40,000 Out of the amount received from the unrecognised provident fund, the employer's contribution was 12,20,000 and the interest thereon 50,000. The employee's contribution was 2,70,000 and the interest thereon 60,000. What is the taxable portion of the amount received from the unrecognized provident fund in the hands of Mr. A for the assessment year 2021-22
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