Compensation of loss of employment
This query is : Resolved
vijay Berva
(Querist)
01 March 2015
I was working in Arvind Mill (Arvind Ltd)
now the mill has been closed the employer paid me gratuity & Compensation. But there was deduction as tax of Rs.28880/- against Compensation Amt of Rs.403724/- I want to know that compensation of loss of employment is taxable or Tax free ?
now the mill has been closed the employer paid me gratuity & Compensation. But there was deduction as tax of Rs.28880/- against Compensation Amt of Rs.403724/- I want to know that compensation of loss of employment is taxable or Tax free ?
01 March 2015
Compensation received in excess of 15 days wages for every completed year of service is taxable. However relief u/s 89(1) can be claimed.
Inference is from Section 10(10B)of the Income tax Act,1961 and section 25F(b) of Industrial Disputes Act,1947.
Inference is from Section 10(10B)of the Income tax Act,1961 and section 25F(b) of Industrial Disputes Act,1947.
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