Celebrate Freedom with 10% OFF on CAclubindia Pro Membership. Subscribe Now!

Regarding voluntary Retirement

242 views

Save Share

Join Us Follow Us Add as Source

Gangaraju

M.Com

41 Points Posted on 05 September 2020

Hi
could you please guide me

I have received sum of 1700000 by volutary retirement

how to show this in ITR1 form.

Replies (3)

Quick Summary

This discussion explains how to report a voluntary retirement payment of £1,700,000 on an ITR1 form. It clarifies that an exemption of up to £500,000 is available under Section 10(10C) for employees of specified categories. The post also lists the various types of organisations that qualify for this exemption.

Sagar Patel

Tax and Business Consultant

11616 Points Posted on 06 September 2020

Exemption under section 10(10C) is available towards the amount received (receivable) on voluntary retirement to a employees of specified category.
Maximum Exemption up to 5,00,000

Specified category:
1.A public sector company, or
2.A local authority, or
3.Any other company, or
4.Any State Government, or
5.The Central Government, or
6.An authority (established under the Central or State or Provincial Act), or
7.A University incorporated or established by / under a Central or State or Provincial Act, or
8.An Institution acknowledged to be a University under section 3 of the University Grants Commission Act, or
9.An Indian Institute of Technology, or
19.An institution of management as notified by the Central Government, or
11.An institution (having importance throughout India or in any state) as notified by the Central Government.