Claiming relief under 10(10C)

hiiiii...the exemption is only available to employees who work with public and private sector companies, local and statutory authorities, co-operative societies, universities, the Indian Institutes of Technology and other institutes notified under the Income Tax Act. Such employees can only claim this exemption once in a life time  

provided you hve satisfied the following conditions

• Only employees who have completed 10 years of service or 40 years of age are eligible;
• The scheme applies to all employees, except directors;
• The scheme should be drawn so as to result in an overall reduction in the existing strength of the employees;
• The vacancy thus caused should not be filled up; and
• The retiring employee should not be employed by any other concern belonging to the same managemen

• .the amount received should not exceed the following limits for it to be tax-exempt:
  • An amount equivalent to three months’ salary (inclusive of daily allowance, but excluding other allowances and perquisites) for each completed year of service computed on the basis of the last drawn salary; or
  • The salary (inclusive of daily allowance, but excluding other allowances and perquisites) drawn at the time of retirement multiplied by the number of months of service left.

Therefore, u can claim the exemption ...

and u said that u ve received morethan 5,00,000 ... that means the employer must deduct t.d.s as the exemption limit is only upto Rs.5 lacs