Taxtability of compesation received from court
This query is : Resolved
vaibhav joshi
(Querist)
08 February 2013
one of my relative received compensation from liquidator appointed by court in lieu of salary as company gone into liquidation and employees union filed a case against it,please let me know taxtability of the same.order clearly states amount bifurcation into following heads
Salary
leave encashment
Retrechment compensation
bonus.
Salary
leave encashment
Retrechment compensation
bonus.
21 February 2013
Hi,
Taxability criterion will remain same.
Salary is 100% Taxable Subject to deduction u/s 10.
Leave Encashment & Retrenchment compensation are exempt up to Rs. 3.0 lacs.
Bonus is taxable.
Pl refer follo link for more detials:
https://www.caclubindia.com/forum/summary-of-exemption-u-s-10-to-salaried-employee-232114.asp
Thanks!!
Taxability criterion will remain same.
Salary is 100% Taxable Subject to deduction u/s 10.
Leave Encashment & Retrenchment compensation are exempt up to Rs. 3.0 lacs.
Bonus is taxable.
Pl refer follo link for more detials:
https://www.caclubindia.com/forum/summary-of-exemption-u-s-10-to-salaried-employee-232114.asp
Thanks!!
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