Case Law Details
Voluntary Retirement – Assessee can claim both exemption u/s 10(10C) & rebate u/s 89
The assessee is entitled to the exemption under section 10(10C) of the Act and also rebate under section 89 of the Act in respect of the amount received in excess of Rs.5,00,000 on account of voluntary retirement. Thus their Lordships have held that the assessee, who opts for voluntary retirement, is not only entitled to exemption under section 10(10C) but also rebate under section 89 of the Income Tax Act. Similar view is taken by the Hon’ble Karnataka High Court in the case of CIT v. P. Surendra Prabhu (supra) wherein their Lordships held as under :
That the assessee, employee of the respondent bank was not only entitled to the benefit of exemption under section 10(10C) of the Act to the extent prescribed in the provision itself but for any amount over and above the prescribed limit; under the aforesaid provision, the assessee was also entitled to relief under section 89(1) of the Act read with rule 21A.
INCOME TAX APPELLATE TRIBUNAL, CHANDIGARH
ITA No. 507/Chd/2012 – Assessment Year: 2007-08
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Sir मैंने कंपनी से वीआरएस ले लिया हे क्या मैं u/s89 ki भी छूट ले सकता हूं ?
Sir, recently I had opted VRS from BSNL a central govt PSU . Whether my ex gratia will be exempted from IT
I would like to know the income tax recovery on voluntary retirement benefit of Rs.2650000/- for FY 2016-17, If possible what is the procedure.
I would like to know the income tax recovery on voluntary retirement benefit of Rs.2200000/- for FY 2015-16
kindly send me full financial benefits for vrs employees in indian psu banks after 34 years service.like pl encahment- grauity/ pension.
I like to know whether such dual exemption under section 10(10)c and 89(1) is available on V.R.E
exgratia for the Assessment Year 2013-2014.
Snehanshu Kar Chaudhuri