Hi, Please confirm whether severance payment is fully taxable or partially exempted. It is received in FY 2015-2016. If partially exempted then how to calculate it.
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(174190 Points)
Replied 19 February 2017
Though it is taxable, but relief can be taken u/s. 89 by spreading the lump sum payment to previous years by filing form 10E.
Vineeta
(Employed)
(23 Points)
Replied 20 February 2017
Thanks for the reply. But what if tax slab was same for last 3 years. And whether this form needs to be submitted before getting severance payment?
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(174190 Points)
Replied 20 February 2017
"But what if tax slab was same for last 3 years"
No use. Check for any loss of capital nature, otherwise consider it as current year salary, without filing form 10E.
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