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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.

Dated:- 10-8-2015 - Chapter No. 07 - Salary - Voluntary Retirement or Separation - [Sec. 10(10C) AND RULE 2BA] The maxim .....

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8,00,000 Also, least of the two is exempt: Compensation received i.e. 7,00,000 5,00,000 ₹ 5,00,000 being the least .....

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