Hello Sir, I hope the answers to my questions will help many individuals. I received retrenchement compensation last year (FY 17-18). My empoyer showed it in the salary slip but is missing in form 16. I was taxed and told to claim exemption when i file return in AY 18-19. Can I do so? I am aware that upto 5 Lakhs is exempted as retrenchemnt compensation. So while filling ITR- 1, should i show this 5 lakhs as exempted and remaining amount under releif under section 89 in form 10E? While I fill form 10E should i put down the 'Total compensation' as the amount remaining after deducting 5 lakhs or should i put down the total compensation i received? Please help
Read more at: https://www.caclubindia.com/forum/form-10e-for-retrenchment-compensation-468877.asp
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Form 10e for relief under section 89
Replies (1)
retrenchment compensation is exempt to least of following.
1. retrenchment amount received
2.5,00,000
3. 15/26*average salary of last three months*no of completed years of service. in case fraction service of more than six months consider as one year.
1. retrenchment amount received
2.5,00,000
3. 15/26*average salary of last three months*no of completed years of service. in case fraction service of more than six months consider as one year.
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