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voluntary retirement.

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(Querist)
11 September 2010 dear experts,

What is current provision available regarding the payment received on voluntary retirement?

rahul
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CMA. Dinesh S Adhikari, ACMA

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CMA. Dinesh S Adhikari, ACMA (Expert)
11 September 2010 under sec 10(10C), it has been given that, MINIMUM of the following will be exempt from the amount received under VRC:

a) Amount Revceived
b) 3 month salary X No. of year of services
c) Salary X No. of months remaining before actual retirement
d) Rs. 5,00,000

Here, Salary means Basic Salary + DA(if) + Commission(fixed % of Turnover)

Note: if assessee is claiming relief u/s 89(1) then assessee can claim this exemption 10(10C).

Regards!!!
Dinesh S. Adhikari
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RAHUL KUMAR TAANK

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RAHUL KUMAR TAANK (Querist)
14 September 2010 thanking you sir
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