Redundancy pay taxability
This query is : Resolved
09 July 2019
Hi
Pls advise whether redundancy pay received from employer on termination of job is exempt from tax?
If yes under which section can I claim the exemption??
Pls advise whether redundancy pay received from employer on termination of job is exempt from tax?
If yes under which section can I claim the exemption??
09 July 2019
It's a capital receipt exempt from tax.
Message likes :
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09 July 2019
Employer has deducted TDs on it including the redundancy amount as part of total salary that means in the case I can exclude the redundancy part from total salary income and proceed for itr,pls correct if I mis understood.
09 July 2019
Exclude it and show it under exemption schedule under retrenchment compensation under section 10(10b).
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