Voluntary Retirement or Voluntary Separation - [Section 10(10C) read with Rule 2BA]

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..... such amount, subject to a maximum of 5,00,000. 2. This exemption is available to employee of any of the following: a public sector company any other company an authority established under a Central, State or Provincial Act a local authority a co-operative society a University established or incorporated by or under a Central, State or Provincial Act and an institution declared to be a University .....

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..... xcept directors of a company or co-operative society. Such scheme has been drawn to result in overall reduction in no. of employees The vacancy caused by voluntary retirement is not to be filled up. The retiring employees of a company shall not be employed in another company or concern belonging to the same management. Amount receivable on account of voluntary retirement does not exceed either of .....

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