one Employee got 2 lakh Exgratia and 15 lakh severance Pay as the MNC closes its operation in india ,are Severance Pay and Exgratia received by Employee is Taxable ? if exempted how much is exemted ?
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Severance pay
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it is fully taxable. only if it is paid under industrial disputes act to a workman, it is exempt
I have read many article where it is mentioned that as it is a capital receipt it is exempted....and governt is planning to tax it in the future if they are planning to tax it in the future it is probably exempted now
previously it was debatable. now they have brought amendment and made it taxable under IFOS
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