EX GRATIA RECEIVED AT THE TIME OF RETIREMENT

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If you received an ex gratia payment of £11 lakh upon retirement, it is generally not taxable under the Income Tax Act. However, if your employer has deducted TDS (Tax Deducted at Source) on this amount, you should check your Form 16. It's possible the payment wasn't classified as ex gratia, or you may need to claim an exemption on your Income Tax Return (ITR) to get a TDS refund.

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(Querist)
25 July 2024 SIR
IF WE GOT THE AMOUNT OF RS 11 LAKH AS A FORM OF EX -GRATIA FROM EMPLOYER AT THE TIME OF RETIREMENT,
IS EX GRATIA INCOME IS TAXABLE OR NOT IN INCOME TAX ACT.
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Dhirajlal Rambhia

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Dhirajlal Rambhia (Expert)
25 July 2024 No. Not taxable.
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DANISH

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DANISH (Querist)
25 July 2024 but employer deduct tds on my amount, in which section we can exempt this on ITR for TDS refund
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Dhirajlal Rambhia

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Dhirajlal Rambhia (Expert)
25 July 2024 If TDS has been deducted then check form 16, it may not be ex-gratia.
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