voluntary retirement.
This query is : Resolved
11 September 2010
dear experts,
What is current provision available regarding the payment received on voluntary retirement?
rahul
What is current provision available regarding the payment received on voluntary retirement?
rahul
11 September 2010
under sec 10(10C), it has been given that, MINIMUM of the following will be exempt from the amount received under VRC:
a) Amount Revceived
b) 3 month salary X No. of year of services
c) Salary X No. of months remaining before actual retirement
d) Rs. 5,00,000
Here, Salary means Basic Salary + DA(if) + Commission(fixed % of Turnover)
Note: if assessee is claiming relief u/s 89(1) then assessee can claim this exemption 10(10C).
Regards!!!
Dinesh S. Adhikari
a) Amount Revceived
b) 3 month salary X No. of year of services
c) Salary X No. of months remaining before actual retirement
d) Rs. 5,00,000
Here, Salary means Basic Salary + DA(if) + Commission(fixed % of Turnover)
Note: if assessee is claiming relief u/s 89(1) then assessee can claim this exemption 10(10C).
Regards!!!
Dinesh S. Adhikari
14 September 2010
thanking you sir
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Is this income indian or foreign income?
- GST on export of services and Input Credit
- RCM applicability on Rent Paid by Registered Person to Unregistered Landlord for Residental Building
- ITC temporary reversal and reclaim
- Applicable TDS rate for sale of property in Nov 2024
- Inventory of finished goods
- Can we claim ITC of Feb-2024 in the month of November-2024 which was not claimed by oversight
- REGARDING 25 AS DATE OF PAYMENT AND DATE OF BOOKING
- GST ON EXPORT COMMISSION
- Should I report my US salary for January, February, March in Schedule FA?
- Sale of property furniture sale
- Confusion around Form 26QB fields
- Adjustment entry in the case of Individual and HUF on 31st March
- Stock difference tax applicable on composite rate or normal rate
- LAST YEAR 2022-23 ITC IN NEXT YEAR 2023-24 REPORITNG IN GSTR-9
- MIS MATCH OF INVOICE NUMBER
- IGST Credit-Show cause notice issued-confusion
- Issue of gst e invoice
- How to adjusted advances given or receipt
- Foreign vendor without PAN unable to to register due to non receipt of OTP on foreign number ?
Trending Online Classes
CAclubindia
