TAXABILITY OF VRS
This query is : Resolved
10 August 2010
ASSESSEE RECEIVED VRS FROM EMPLOYER AND AFTER RECEIVING THE SAME THE COMPANY IS CLOSED DOWN.WHETHER VRS RECEIVED WILL BE TAXABLE OR NOT
10 August 2010
VRS will be taxable subject to an exemption of Rs. 5 lakh as per Sec 10(10C).
Exemption cannot be denied only because the company has closed down after offering VRS to employees.
Exemption cannot be denied only because the company has closed down after offering VRS to employees.
10 August 2010
Exempt u/s 10(10C) upto Rs. 5 lakhs.
TDS must already must have been deducted on payment if above Rs. 5 lakhs.
TDS must already must have been deducted on payment if above Rs. 5 lakhs.
10 August 2010
Assessee can clain relief u/s 89 or exemption u/s 10(10C) whichever is beneficial.
10 August 2010
agreed to all experts
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