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Example:-Mr. X received retrenchment compensation of ₹ 10,00,000 after 30 years 4 months of service. At the time of retrenchment, he was drawing basic salary ₹ 20,000 p.m.; dearness allowance ₹ 5,000 p.m. Compute his taxable retrenchment compensation.
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Chapter No. 06 - Salary - Retrenchment Compensation - [Sec. 10(10B)]

The least of the following shall be exempt from tax:

  1. 25,000 x 15/26 x 30 = 4,32,692
  2. 10,00,000
  3. 5,00,000

₹ 4,32,692 being the least of the three sums, is exempt u/s 10(10B).

The balance of ₹ 5,67,308 is taxable.

 

Dated: 10-8-2015

 

  1. Manual - Retrenchment Compensation - [Section 10(10B)]
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