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Example:-Mr. X received voluntary retirement compensation of ₹ 7,00,000 after 30 years 4 months of service. He still has 6 years of service left. At the time of voluntary retirement, he was drawing basic salary ₹ 20,000 p.m.; Dearness allowance (which forms part of pay) ₹ 5000 p.m. Compute his taxable VRS.

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..... ing basic salary ₹ 20,000 p.m.; Dearness allowance (which forms part of pay) ₹ 5000 p.m. Compute his taxable VRS. - Salary - Voluntary Retirement or Separation - [Sec. 10(10C) AND RULE 2BA .....

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..... 5,00,000 ₹ 5,00,000 being the least of the two sums, is exempt u/s 10(10C) Hence taxable voluntary retirement compensation is ₹ 2,00,000 (i.e. 7,00,000 5,00,000). - FAQ - Fre .....

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