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Voluntary Retirement or Separation - Sec. 10(10C) AND RULE 2BA

Income Tax - Salary Income - 07 - VOLUNTARY RETIREMENT OR SEPERATION [Sec. 10(10C) AND RULE 2BA] 1. If an employee receives compensation(whether in one go or in installments) on voluntary retirement or separation, Sec 10(10C) provides for exemption for 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-o .....

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ay, by notification in the Official Gazette82, specify in this behalf such institute of management as the Central Government may, by notification83 in the Official Gazette, specify in this behalf Conditions for claiming exemption [Rule 2BA] It applies to an employee who has completed 10 years of service or completed 40 years of age. (This condition doesn t apply to employees of public sector company) It applies to all employees including workers and executives except directors of a company or co .....

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