one Employee got 2 lakh Exgratia and 15 lakh severance Pay as the MNC closes its operation in india ,are Severance Pay and Exgratia received by Employee is Taxable ? if exempted how much is exemted ?
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3 Replies
Ashok Kumar
(CA qualified)
(389 Points)
Replied 30 July 2018
it is fully taxable. only if it is paid under industrial disputes act to a workman, it is exempt
Soumya Puhan
(3 Points)
Replied 03 August 2018
I have read many article where it is mentioned that as it is a capital receipt it is exempted....and governt is planning to tax it in the future if they are planning to tax it in the future it is probably exempted now
Ashok Kumar
(CA qualified)
(389 Points)
Replied 04 August 2018
previously it was debatable. now they have brought amendment and made it taxable under IFOS
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