Retrechement sec 10(10b)
This query is : Resolved
23 June 2015
Emplpoyee received amount 7 lac from Nokia company how to Calculate Tax
24 June 2015
As per Sec. 10(10B)The least of the following is exempt:
(a) Amount actually received;
(b) 15 days’ average pay × Length of service (period of > 6 months to be taken as completed year)
(c) Rs.5,00,000
‘Salary’ means basic salary, D.A. if considered for retirement benefits & commission if paid at a fixed % of sales. Average salary to be calculated on the basis of last three completed calendar months.
Find the exempt amount and rest will be taxable.
(a) Amount actually received;
(b) 15 days’ average pay × Length of service (period of > 6 months to be taken as completed year)
(c) Rs.5,00,000
‘Salary’ means basic salary, D.A. if considered for retirement benefits & commission if paid at a fixed % of sales. Average salary to be calculated on the basis of last three completed calendar months.
Find the exempt amount and rest will be taxable.
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?
- ITC temporary reversal and reclaim
- GST on export of services and Input Credit
- RCM applicability on Rent Paid by Registered Person to Unregistered Landlord for Residental Building
- Inventory of finished goods
- Applicable TDS rate for sale of property in Nov 2024
- Sale of property furniture sale
- 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
- Tds on building rent monthly
- Regarding Waiver of Interest levied u/s 50 of PGST/CGST Act
- 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 ?
- 133(6) DIN INVALID format error - ->WHERE TO REPLY 133(6) notice?
- Query for dubts
- Regarding einvoice taken on nil rated sales
Trending Online Classes
CAclubindia
