Tax on compensation amount received at the time of layoff

Divakar Kasamsetty (30 Points)

15 February 2018  

Respected Sir,

I have a following query related to tax on compensation received at the time of lay off :

My employer has done TDS for the compensation amount and paid the remaining balance, it is also visible in form 26 AS.

as per latest article, i came to know that tax is not applicable in case the amount is received due to lay off. link pasted for your refernece,

https://www.msn.com/en-in/money/personalfinance/income-tax-returns-itr-filing-bad-news-for-salaried-class-salary-set-to-face-this-cut/ar-BBIQxx5?ocid=spartanntp

Can you kinldy guide me on this matter ?? is it possible to submit revised ITR and claim for tax refund ?? Appreciate your response in this regard.

Regards