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VRS compensation
BSNL has given Voluntary retirement to its 80000 employees and BSNL is paying 31.2% of VRS compensation (Exgratia) in FY 2019-20 and rest in FY 2020-21. In this scenario how a retiree can claim relief u/s 89(1)?
Replies (1)
Exemption is available under section 10(10c) of the Income Tax act provided the amount does not exceed INR 5,00,000 since the entity is a govt enterprise.
Where the exemption is not available because limit is exceeded, then relief under section 89(1) can be claimed
Where the exemption is not available because limit is exceeded, then relief under section 89(1) can be claimed
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