RETREnchment
This query is : Resolved
29 October 2009
is compensation paid on account of retrenchment is taxable?
29 October 2009
See Section 10(10B) of the Income tax act.
As per this section minimum of following three is exempted:-
Actual amount received.
15 days average pay for every completed year of service or part thereof in excess of 6 months.
Amount specified by the central Govt. i.e. Rs. 500000.
As per this section minimum of following three is exempted:-
Actual amount received.
15 days average pay for every completed year of service or part thereof in excess of 6 months.
Amount specified by the central Govt. i.e. Rs. 500000.
29 October 2009
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