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Retrechement sec 10(10b)

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23 June 2015 Emplpoyee received amount 7 lac from Nokia company how to Calculate Tax
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CA. Sunil Gokhale

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CA. Sunil Gokhale (Expert)
24 June 2015 As per Sec. 10(10B)The least of the following is exempt:
(a) Amount actually received;
(b) 15 days’ average pay × Length of service (period of > 6 months to be taken as completed year)
(c) Rs.5,00,000
‘Salary’ means basic salary, D.A. if considered for retirement benefits & commission if paid at a fixed % of sales. Average salary to be calculated on the basis of last three completed calendar months.
Find the exempt amount and rest will be taxable.
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