Can VRS exemption benefit be taken on accrual basis?
CA Saurabh Avasthi (29 Points)
15 November 2020
can VRS exemption benefit be taken on accrual basis?
2 Replies
Income Tax Wala: (Fin. Expert)
(Chartered Accountants)
(2015 Points)
Replied 15 November 2020
In my view , yes you can claim benefits when you make available all the taxable and non taxable income in the return
CA Saurabh Avasthi
(29 Points)
Replied 16 November 2020
I am giving summary of the case study of a
Employee of BSNL, whom got VRS last year, and total VRS compensation compuated 10 lacs but he received only 3 lacs in last year and 7 lacs received in current financial year.
so what he should do in below options,
1. calculate tax on received amount 3 lacs and take exemption for 3 lacs under 10(10c) and pay tax on 7 lacs in next assessment year.
2. calculate tax on full 10 lacs and take exemption for 5 lacs under 10(10c) in current assessment year.
3.calculate tax on 5 lacs and exemption under 10(10c) for 5 lacs and calculate tax for remaining 5 lacs in next year.
Employee of BSNL, whom got VRS last year, and total VRS compensation compuated 10 lacs but he received only 3 lacs in last year and 7 lacs received in current financial year.
so what he should do in below options,
1. calculate tax on received amount 3 lacs and take exemption for 3 lacs under 10(10c) and pay tax on 7 lacs in next assessment year.
2. calculate tax on full 10 lacs and take exemption for 5 lacs under 10(10c) in current assessment year.
3.calculate tax on 5 lacs and exemption under 10(10c) for 5 lacs and calculate tax for remaining 5 lacs in next year.
Recent Topics
- TDS on purchase of Flat under subvention scheme be
- Nznxnc call me at the end of the day of the
- Nsje snswk fjw ed le ene djff ne enje ejdd rejje
- Hxjcif the day I have been in touch with me and
- Iska djd djrbdsjebshe sir ur rei ejr reinr the jr
- GST registration for medical shop in Karnataka
- Hsshs me know if you are free number of the
- Chu Kang and the situation of the situation and I
- How to reverse wrong transaction payment in phonep
- Paytm wrong transaction
Related Threads
CAclubindia
