Person A was working as a Medical Representative. In December 2024 he was laid off. He received a severance pay. The company added the entire severance pay to the salary part and deducted TDS on the entire amount. The severance letter only mentions the fact that the position has become redundant. Can he claim some exemption u/s 10(10B)/10(10C)?
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Tax Query for FY 2024-25
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Yes, Person A may be able to claim exemption on severance pay, but the eligibility depends on the nature of the payment and the specific section under the Income Tax Act it falls under.
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