VRS BENEFIT
This query is : Resolved
28 June 2020
SIRS
THE BSNL EMPLOYEE RECEIVED VRS COMPENSATION AMOUNT 50% AROUND Rs.9 LAC DURING THE FY 2019-20 AND THE BALANCE WILL BE PAID BY THE BSNL FOR THE FY 2020-21. PLEASE LET ME KNOW THE VRS COMPENSATION RECEIVED TAXABLE DURING THE FY 2019-20 OR EXEMPTED FROM INCOME TAX FOR THE FY 2019-20. PLEASE CLARFY
THE BSNL EMPLOYEE RECEIVED VRS COMPENSATION AMOUNT 50% AROUND Rs.9 LAC DURING THE FY 2019-20 AND THE BALANCE WILL BE PAID BY THE BSNL FOR THE FY 2020-21. PLEASE LET ME KNOW THE VRS COMPENSATION RECEIVED TAXABLE DURING THE FY 2019-20 OR EXEMPTED FROM INCOME TAX FOR THE FY 2019-20. PLEASE CLARFY
29 June 2020
As per Section 10 (10C) of the IT Act, 1961, any amount received by an employee of a public sector company on voluntary retirement is exempt up to Rs 5 lakh. You have to receive this amount in terms of a scheme of voluntary separation. As you have received Rs 9 lakh, you will be liable to pay tax on Rs 4 lakh.
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