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TAXABILITY OF VRS

This query is : Resolved 
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(Querist)
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
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CA. Pradeep Nayak

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CA. Pradeep Nayak (Expert)
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.
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Aditya Maheshwari

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Aditya Maheshwari (Expert)
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.
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CA Punit

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CA Punit (Expert)
10 August 2010 Assessee can clain relief u/s 89 or exemption u/s 10(10C) whichever is beneficial.
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Murtaza I Bhagat

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Murtaza I Bhagat (Expert)
10 August 2010 agreed to all experts
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