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Friday, November 08, 2013

Voluntary Retirement Compensation


Voluntary Retirement Compensation [Sec.10 (10C)]
Any compensation received or receivable from certain employers by the employee on voluntary retirement as per the guidelines of the Government is exempt to the extent minimum of the following limits:

Ø  Actual amount received
Ø  Rs. 5, 00,000 whichever is less.

Exemption shall be available, subject to the following conditions:
Ø  The compensation is received only at the time of voluntary retirement or termination of his servicesin accordance with any scheme or schemes of voluntary retirement or in the case of public sector Company, a scheme of voluntary separation. Even if the compensation is received in installments, the exemption shall be allowed.
Ø  The amount receivable on account of voluntary retirement or voluntary separation of the employee does not exceed:the amount equivalent to 3 months salary for each completed year of service; or Salary at the time of retirement multiplied by the balance months of service left before the date of his retirement on superannuation.