TAXABILITY OF RETRENCHMENT COMPENSATION & VRS COMPENSATION
TAXABILITY OF RETRENCHMENT COMPENSATION - Section 10(10B)
Meaning of Retirement compensation : Any compensation received by a workman
at the time of his by retrenchment under the Industrial Disputes Act, 1947
Exemption Available: The least of the following
shall be available as exemption:
•
Actual retrenchment compensation received;
• Rs.5,00,000;
• Amount computed u/s 25F(b) of the Industrial Disputes Act, 1947, ie, (15/26 (x) Average salary of last 3 months (x) Number of completed years of service or part thereof in excess of 6 months) - Salary would include basic pay and dearness allowance
TAXABILITY OF VRS COMPENSATION- Section 10(10C) & Rule 2BA
Meaning of voluntary Retirement compensation : An employee
may choose to retire voluntary from his job under a scheme
of voluntary retirement framed
by the employer or the government. Compensation received 4. ,,-; by the employee
at the time of such
voluntary retirement is known as voluntary retirement compensation.
Exemption Available: The least of the following shall
be available as exemption: A
• Actual voluntary retirement compensation received;
• Rs.5,00,000
• [3 Times (x) retirement benefit
salary per month
at the time of retirement (x) Number of; completed years
of service)
- Any port of ,month shall be completely ignored;
• Retirement benefit salary per month at the Time at retirement (x) Number of months of service yet to be completed to reach the age of retirement)
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