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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] § If an employee receives compensation(whether in one go or in instalments) on voluntary retirement or separation, Sec 10(10C) provides for exemption for such amount, subject to a maximum of 5,00,000. § This exemption is available to employee of any of the following: Ø a public sector company Ø any other company Ø an authority established under a Central, State or Provi .....

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tution, having importance throughout India or in any State or States, as the Central Government may, by notification in the Official Gazette82, specify in this behalf Ø 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 .....

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