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Income Tax Exemption under Section 10(10C) of Income Tax Act, 1961

 

Eligible Assessee

Individual employee

 

Nature of Income

Amount received on voluntary retirement

 

 

 

Amount Exempt

Amount received as per scheme not exceeding Rs. 5,00,000/-

 

Conditions laid down for Tax Exemption

  1. The scheme of voluntary retirement should be framed in accordance with Guidelines prescribed (Rule 2BA)

  2. Once the exemption is allowed under this clause in any assessment year, the same shall not be allowed in any other assessment year

  3. From A.Y. 2010-11 if the assessee has been allowed relief u/s 89 for such payment in any assessment year, the exemption shall not be allowed under this clause

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