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Example -Mr. X received voluntary retirement compensation of ₹ 700000 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 ₹ 20000 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 maximum amount of compensation on account of VRS shall not exceed the following: 25,0 .....

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