Vrs-35dda & 10(10c) exemption
This query is : Resolved
18 April 2012
Dear Sir/s
ABC Company management is willing to pay Rs.3 Lac under VRS Scheme to one of their worker who is completed over 21 years of service.
1) Whether the Company is eligible to claim exemption u/s 35DDA (1/5th) or 100%?
2) Whether the Worker is eligible to calim exemption u/s 10(10C)?.
3) Whether the above Rules are applicable even if the scheme of Voluntary retirement (VRS) has not been framed in accordance with guidelines prescribed under section 10(10C).
Please clarify the above at the earliest.
Best Regards,
N.Govind.
ABC Company management is willing to pay Rs.3 Lac under VRS Scheme to one of their worker who is completed over 21 years of service.
1) Whether the Company is eligible to claim exemption u/s 35DDA (1/5th) or 100%?
2) Whether the Worker is eligible to calim exemption u/s 10(10C)?.
3) Whether the above Rules are applicable even if the scheme of Voluntary retirement (VRS) has not been framed in accordance with guidelines prescribed under section 10(10C).
Please clarify the above at the earliest.
Best Regards,
N.Govind.
19 April 2012
For payment of 3 lacs there must be some breakup. This is not a compensation it is voluntary retirement opted by the employee so the company must have calculated on which account his money is paid. Accordingly all calculations will depend.
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