SALARIES
This query is : Resolved
08 April 2020
ONE OF MY FRIEND RECEIVED COMPENSATION PAY FOR VRS DUE THE CLOSE DOWN THE FACTORY DURING THE MONTH OF JAN.2020. PLEASE LET ME KNOW THE COMPENSATION PAY LIABLE FOR INCOME TAX OR EXEMPTED FROM IT FOR THE FY 2019-20 (AY 2020-21)
PLEASE CLARIFY
REGARDS
S. RAVICHANDRAN
PLEASE CLARIFY
REGARDS
S. RAVICHANDRAN
08 April 2020
It will be liable for income tax
10 April 2020
The assessee shall be eligible for relief u/s. 89
10 April 2020
NO ARREARS SALARY RECEIVED. COMPENSATION SALARY FOR UNDER VRS DUE TO THE COMPANY CLOSURE
13 April 2020
Please read section 89 with section 17(3). The Compensation received in connection with termination of service is a "profit in lieu of salary" as per section 17(3) eligible for rebate u/s. 89
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