What is Tax treatment for Final settlement received from nokia.
they paid settlement as per ID act 1947 under head Serverance compensation.
kidnly help me.
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Tax treatment of final settlement received from noika
Replies (3)
Refer Section 10(10B) Retrenchment compensation exempt.
If the scheme is approved by Govt as a special scheme, then full aount received is exempt. Else, the lower ofRs. 500000/- or amount as calculated under Sec 25F(b) of ID act will be exempt.
Thank you for your valuable reply sir
i attach the details of compensation received in this message. can you suggest me how much will be exempted for income tax purpose
thankyou
i am confused beacuse some one says exemption limits to maximum of 5,00,000 and some one says full amount is exempted if compensation is calculated as per Industrial dispute act.
kindly suggest me.
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