Hello FRIENDS, below are the details of the condition/situation,
1- Lay off declared across the globe.
2- In India under the same, few employees are impacted. For whom the below arrangement is made -
2A - They have asked to RESIGN, on April 3, 2025 and DOR was April 4, 2025.
2B - Severance package is paid, which consists,
- All statutory payment
a- Salary from April1 to 4th
b- Pay of balance Leaves
c- Notice period pay (as per the Notice period clause)
d- Retrenchment pay of 15 Days average/gross pay for each year of
completed service.
e- 2.5 months salary (out of 1-4 months pay of impact)
Please GUIDE on TAX exemption on above.
CAclubindia
