Mr. Ashok, an employee of AG Co. Ltd., received Rs. 7,20,000 as gratuity under the
Payment of Gratuity Act, 1972 and a pension of Rs. 20,000 per month. He retired on
January 31, 2020 after rendering service of 30 years and 4 months. At the time of
retirement, his monthly salary was Rs. 26,000 and he commuted 60 percent of his
pension to receive Rs. 4,80,000 as commuted pension. Compute amount of gratuity and
pension chargeable to tax for the assessment year 2020-21 in the hands of Mr. Ashok.